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Kelp DAO hack funds fuel Bitcoin rally through ThorChain
Hackers behind the massive $292 million exploit of Kelp DAO have converted a significant portion of the stolen funds into Bitcoin. Their large purchases through the decentralized protocol ThorChain helped push the price of Bitcoin above $78,000.
Highlights
- Hackers from the Kelp DAO exploit acquired 442 BTC via ThorChain.
- The transactions added approximately $211 million in buying pressure to the Bitcoin spot market.
- Bitcoin rallied from near $75,000 to above $78,000 following the large purchases.
How the hackers moved the funds
Following the attack, the perpetrators routed stolen assets through ThorChain and exchanged them for 442 BTC. According to Arkham Intelligence, they mixed these funds with proceeds from previous hacks, including the 2025 breaches of BTCTurk and Bybit.
The sudden activity caused ThorChain’s trading volume to surge tenfold, with 442 BTC distributed across approximately 400 addresses. This injected roughly $211 million into the spot Bitcoin market and contributed to a sharp rebound from around $75,000 to above $78,000.
ThorChain’s stance
ThorChain refused to freeze or intervene in the transactions, citing its fully decentralized nature. The protocol is governed by 95 independent nodes and has no administrative keys, making it resistant to censorship.
“ThorChain was built in the image of Bitcoin to be decentralized and censorship-resistant,” the project has consistently maintained.
Growing laundering risks in DeFi
The incident demonstrates how funds stolen in major DeFi exploits can quickly re-enter the market and influence asset prices.
As North Korean-linked groups like TraderTraitor refine their laundering techniques through decentralized infrastructure, the challenge of tracking and recovering stolen crypto continues to grow.
Earlier, we reported that the Arbitrum Security Council has frozen 30,766 ETH worth approximately $71 million connected to the $292 million exploit of Kelp DAO, one of the largest DeFi hacks of 2026.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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