- Hacker converts $16.34M DAI back to ETH and launders $12.65M via Tornado Cash.
- Stolen Bitrue tokens were swapped into ETH, then sold and reused for laundering.
- Wallet still holds $8.04M DAI and 3,510 ETH, signaling ongoing laundering activity.
A crypto wallet linked to the $23 million Bitrue exchange hack of April 2023 has resurfaced after months of dormancy, with new on-chain movements showing a calculated effort to launder the stolen funds.
According to data shared by blockchain analyst @EmberCN, the attacker is actively converting assets into Ethereum (ETH) and funneling them through Tornado Cash, a well-known crypto mixer.
The laundering activity marks the latest chapter in a long-running saga that began when various assets, including ETH, QNT, GALA, and SHIB, were stolen from the exchange.
Related: From SHIB to ETH to Tornado: How Bitrue’s stolen crypto is finally on the move
A Look Back: The Aftermath of the 2023 Hack
The breach in April 2023 led to the theft of various assets, including ETH, QNT, GALA, SHIB, HOT, and MATIC. At the time, the total value of the stolen tokens was estimated at $23 million. Shortly after the incident, the attacker converted most of the compromised assets into ETH directly on-chain.
The address remained largely dormant until March 2024, when it sold 4,207 ETH at a market price of $3,885 per coin. That transaction yielded 16.345 million DAI. However, the assets remained untouched until June 2025, when renewed on-chain activity confirmed movement of both ETH and DAI to a new wallet.
Hacker Converts Stolen Assets and Begins Laundering
Recent activity shows that the hacker has spent 8.304 million DAI to purchase 3,000 ETH. Shortly after, 4,600 ETH, equivalent to $12.65 million at the time of the transaction, was sent through Tornado Cash. The laundering process is still ongoing, with the wallet holding an additional 8.04 million DAI and 3,510 ETH as of the latest update.
Related: Notorious Bitrue Drainer Strikes Again, Liquidating $16.34 Million of ETH
These operations are part of a structured effort to cover up the origins of the funds through Tornado Cash. On-chain records show that before initiating these latest transactions, the hacker also sold off remaining SHIB and HOT tokens. The SHIB liquidation involved 150 billion tokens, generating 1,090.4 ETH valued at $1.97 million. Meanwhile, the sale of 1.35 billion HOT tokens netted 76.5 ETH, or roughly $140,000.
The coordinated sale, exchange, and laundering of stolen assets over multiple stages shows a calculated strategy to exit holdings with minimal traceability. Analysts continue to track the wallet, which remains active.
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