Today, two newly created wallets sell 14,064 Ethereum ($eth) at DAI, which costs $27.5 million, with an average price of $1,959. This is reported by Chain’s Blockchain Analytics Firm Spot in the latest tweet. Transactions made through decentralized finance (DEFI) platforms Thorchain and ChainFlip sparked suspicions of money laundering. This is due to the fresh origins of $eth through these protocols.
In the last eight hours, two new wallets have dumped ETH at $14,064 for $27.5 million, averaged $1,959.
What’s interesting? All $eth has just passed through #thorchain and #chainflip. By chance or washing?
Follow @spotonchain for updates now! pic.twitter.com/newp4rxpwj
– March 28, 2025, spots from the chain (@spotonchain)
Mystical $eth transaction triggers money laundering alarm
The incident comes against the backdrop of increased scrutiny on the Defi platform. North Korean hackers used platforms such as Thorchain and ChainFlip to wash stolen funds from massive $1.4 billion Bibit hacks. Hackers, considered to be the infamous Lazarus group, reportedly turned at least $300 million in stolen funds into irrecoverable assets.
Defi Protocols struggle to stop illegal fund flows
Efforts to curb these illegal activities are underway, but they face great challenges. ChainFlip has partnered with Crypto Security Firm Elliptic to block North Korea-related addresses from accessing the frontend. However, Thorchain works without an official frontend. Despite the measures, the Lazarus Group has proven to be skilled at bypassing restrictions by interacting directly with protocol code or using third-party frontends. This allowed them to continue doing the laundry for a considerable amount.
The meaning of this incident underscores the ongoing tensions within the defi ecosystem. Platforms like ChainFlip and Thorchain have taken steps to prevent illegal use, but some experts warn that such measures risk undermining core principles that have no permission to define Defi. The ability of North Korean hackers to utilize these platforms underscores the challenge of balancing openness and security in the rapidly evolving crypto landscape.
