Hackers behind the April 2023 Bitrue exchange breach have made a major move, transferring approximately $30 million in stolen cryptocurrency to a fresh wallet address.
According to blockchain security firm PeckShieldAlert, the labeled hacker wallet associated with the Bitrue attack has sent 5,111.5 ETH and 16 million DAI to a new address, 0xAFCE…a6E7.
The activity marks a significant development in the ongoing investigation, highlighting the perpetrators’ continued efforts to obfuscate and launder the stolen funds more than a year after the initial theft.
Coordinated Laundering Tactics via Tornado Cash Detected
Just minutes before the transfer of funds to the new wallet, the hacker made a strategic move to convert assets, swapping roughly 6.1 million DAI for 2,197.03 ETH.
The ETH was then funneled through Tornado Cash, a well-known Ethereum-based privacy mixer often used to obscure transaction trails.
PeckShieldAlert flagged this move as a part of a broader laundering strategy.Â
Tornado Cash’s anonymizing features are commonly exploited in illicit financial activities, and the hacker’s use of the platform underscores their intention to further distance the stolen funds from their origin.
Also Read: Crypto Heist: Wallet Drainer Moves 600 ETH Worth $1.08 Million To New Address
Timeline Reveals Long-Term Planning and Sophisticated Asset Handling
The hackers’ financial trail reveals a calculated and extended laundering process. In April 2023, they stole $23 million worth of tokens from Bitrue and quickly converted those assets into ETH.
By March 2024, they had sold 4,207 ETH at a peak price of $3,885 per coin, amassing approximately 16.345 million DAI.
That same DAI is now being reinvested to buy more ETH, which is again being laundered through Tornado Cash.
The sophisticated, multi-stage laundering strategy demonstrates not only the attackers’ patience but also their technical proficiency in exploiting market conditions and blockchain tools to disguise their illicit gains.
Also Read: Bybit Hackers Convert $480M In Stolen ETH To Bitcoin Via ThorChain, Developers Facing Resistance
Security Concerns Resurface for Centralized Exchanges
This latest activity raises renewed concerns about the security measures in place at centralized exchanges like Bitrue.
Although the initial hack occurred over a year ago, the ongoing movements of the stolen funds serve as a stark reminder of the long-term implications of exchange breaches.
It also highlights the challenges law enforcement and blockchain analysts face in tracking and recovering stolen crypto once it has been moved through anonymizing tools.
As the hacker continues to cycle funds through private mixers and new wallets, the incident stresses the importance of proactive, advanced security infrastructure.
Also Read: DEXX Hackers Launder 6,432 ETH Worth Over $10 Million Through Tornado Cash Protocol