After hackers exploited KelpDAO, they quickly transferred $175 million worth of ETH (75,700 units) and almost immediately exchanged it for Bitcoin within 36 hours. They primarily used THORChain, a system that allows direct ETH-to-BTC swaps without needing a middleman. This activity caused a huge spike in THORChain’s trading volume – reaching around $800 million – and generated approximately $910,000 in fees, demonstrating how significant hacks can quickly affect market liquidity, the ability to trace funds, and platform earnings.
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2026-04-23 09:07