Hacker Converts 75,700 ETH from KelpDAO to BTC via THORChain in 1.5 Days
A hacker involved in the KelpDAO incident has swapped approximately 75,700 ETH, valued at $1.75 billion, into BTC over a day and a half. The conversions primarily used the THORChain protocol. This activity generated $800 million in trading volume and $910,000 in fees for THORChain.
investing.com (News photo)A hacker associated with the KelpDAO incident has converted 75,700 ETH, worth about $1.75 billion, into BTC within approximately one and a half days, according to a report from @EmberCN. The swaps were mainly conducted through the THORChain protocol, which facilitates cross-chain exchanges.
The hacker's transactions resulted in $800 million in trading volume for THORChain, the report stated. Additionally, these activities generated $910,000 in platform fee income for THORChain.
The report did not provide further details on the original KelpDAO incident or the hacker's identity. No additional information was available on potential next steps or regulatory responses.
Key Facts
Story Timeline
3 events- 2026-04-23
Report released on the hacker's completion of ETH to BTC swaps.
1 source@EmberCN - Within the past 1.5 days
Hacker converted 75,700 ETH to BTC primarily via THORChain.
1 source@EmberCN - Recent past
KelpDAO incident occurred, leading to the hacker obtaining 75,700 ETH.
1 source@EmberCN
Potential Impact
- 01
THORChain may see increased scrutiny from regulators due to its role in large-scale asset swaps.
- 02
KelpDAO could face further security reviews following the asset conversion.
- 03
BTC market liquidity might experience minor fluctuations from the influx of converted funds.
- 04
Other cross-chain protocols may report higher volumes if similar activities continue.
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