KelpDAO Hacker Moving Funds: Attacker Transfers $175M to New Addresses

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The suspected Lazarus Group hackers behind the $292 million Kelp DAO are on the move, transferring 76K ETH (worth $175M) on-chain to new addresses. 

The stolen funds have been sent to the following new addresses - click on each of them to explore each address on Arkham Intel. 

(Note: This is a developing story, and the funds may have been moved again since this article was published.)

• 0xF9802c5EB6b972Ba686aFa7CA615910Ea8310b85
• 0xD4B87bAB0ee142182f7F6DA030AeFe3E7f171530
• 0x62c72510016732333e68177d388a8111643FC64E

This shift of capital suggests the beginning of a laundering operation by the hackers. The move follows recent containment efforts on Layer 2, with Arbitrum’s Security Council successfully freezing around $71 million worth of stolen ETH linked to the attack.

You can explore the frozen ETH on Arbitrum at this address: 

• 0x0000000000000000000000000000000000000DA0

Now that a big chunk of the stolen funds have been frozen, the attacker is actively attempting to bridge the remaining funds into more difficult-to-track territory before further intervention. 

Additionally, on-chain data also shows the stolen crypto being routed through the privacy protocol Umbra, as well as cross-chain swaps to the Bitcoin network via THORChain. 

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The initial exploit, which unlocked 116,500 rsETH (roughly 18% of the circulating supply) via a forged message on LayerZero, has been linked heavily to North Korea's Lazarus Group. Lazarus Group has also been linked with the other high-profile hack this month: Drift Protocol. 

While the amounts successfully bridged through Umbra and THORChain are only a fraction of the overall haul, these new addresses signal that the attackers are executing an exit strategy rather than sitting on the proceeds.

View the laundering process in real-time on Arkham Intel using the KelpDAO custom entity here.