Funds tied to the Kelp DAO exploit are suddenly on the move again. 75,700 Ether, around $175 million, moved through a web of new addresses today, with some routed through privacy networks like THORChain and Umbra.
That makes the trail harder to follow, and the recovery window even tighter. Arbitrum’s Security Council did manage to freeze just over 30,000 coins, worth about $71 million, but that’s less than half of what the attacker pushed out.
The problem is no longer just tracing the original theft. It’s about whether the networks and law enforcement teams can keep up before more of the funds disappear for good. This new wave of movement lands right as Ethereum was hoping to catch the broader risk rebound. Now, event risk is front and center, and the recovery timeline is narrowing by the hour. Ethereum stays on the sidelines, even as stocks and other risk assets gain.