- Bitrue hacker moves $2.88 million in tokens and launders $1.89 million through Tornado Cash after months of inactivity.
- Blockchain analysts track the hacker’s wallets holding over 5,000 ETH and 16 million DAI after recent laundering efforts.
- Security concerns rise again after Bitrue and KiloEX breaches expose growing vulnerabilities in hot wallets and decentralized platforms.
The hacker responsible for the $23 million theft from Bitrue Exchange in 2024 has resurfaced after almost a year of inactivity. Blockchain analytics firm Onchain Lens confirmed the individual moved millions in stolen crypto through Tornado Cash.
According to reports, the hacker sold approximately $2.88 million worth of Shiba Inu and Holo tokens. The sale resulted in the purchase of 1,511 ETH at an average price of $1,911 per ETH. Shortly after, about 1,050 ETH, valued at nearly $1.89 million, were laundered using Tornado Cash, a well-known decentralized crypto mixer.
Large Holdings Remain Active
Despite recent laundering activities, the attacker retains significant holdings. Analysts revealed that around 5,111 ETH and 16.34 million DAI stablecoins are still controlled by the hacker across two wallets. These wallets are actively monitored as authorities and investigators attempt to track the flow of the remaining stolen assets.
Recent activity of stolen money has triggered fresh doubts regarding hot wallet safety. The advantages of internet-connected wallets in exchange services bring additional security threats for users to consider. The attack against Bitrue revealed that centralized exchanges remain subject to security risks even if the breach only compromised 5 percent of the cryptocurrency holdings.
Background of the 2024 Bitrue Breach
During April 2024, Bitrue, operating from Singapore, faced an attack that resulted in losses of $23 million in Ethereum and Polygon as well as Shiba Inu, Quant, Gala, and Holo. Bitrue offered users complete reimbursement at the moment of the breach. The platform took heavy damage to its reputation after this incident because of its previous $5 million breach in 2019.
During the same time, decentralised exchanges have encountered emerging security threats. KiloEX endured a $7 million hacker attack because attackers used their Oracle system vulnerability to their advantage. Through this breach, attackers acquired undervalued tokens, which they subsequently inflated in price by selling these tokens to drain the platform’s liquidity.
