The Balancer V2 attacker who drained ~$120M last November went silent for five months, then started copying the Kelp DAO playbook — swapping ETH to BTC through THORChain. So far ~4,873 ETH (~$11.3M) has been routed into roughly 178 BTC, using the same path Kelp DAO's suspected Lazarus operators ran just days earlier on April 21. THORChain is quietly becoming the laundering rail of choice now that Tornado Cash carries too much sanctions risk.

TLDR by @Benthic

More on THORChain

THORChain nodes approve ADR028 recovery plan, activating hacker bounty as v3.19.0 heads to stagenet

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Rujira launches Custom Concentrated Liquidity on THORChain, letting LPs program price ranges on RUJI Trade orderbook

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Kelp DAO exploiter launders $80M of stolen ETH mostly through THORChain per onchain analysts

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THORChain pushes native Monero swaps for v3.18 and drafts dynamic fees to reclaim volume lost to aggregators

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