Kelp DAO Hackers Launder Nearly All Recoverable Funds

Hackers linked to North Korean cyber group TraderTraitor have laundered nearly all of the roughly $220 million in unfrozen funds stolen in the Kelp DAO bridge exploit, according to on-chain tracking data. The funds were moved through privacy-focused services including THORChain, Wasabi, Tornado Cash, and Umbra, making tracing significantly more difficult. Only about $1.7 million remains in the original wallets. The development matters because it sharply reduces the chances of recovering the unfrozen assets. Going forward, investigators are expected to focus on monitoring off-ramps and identifying any future attempts to convert the funds into fiat currency.