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- Bitrue hacker resurfaces, laundering millions through Tornado Cash after nearly a year of silence.
- Security concerns grow as hackers exploit both centralized and decentralized crypto exchanges.
- The attacker still controls over 5,000 ETH and millions in DAI despite previous major asset sell-offs.
Approximately one year after the $23 million Bitrue hack, the attacker has returned to operating. Onchain Lens analysis shows that the attacker traded $2.88 million worth of SHIB and HOT currency to obtain 1,511 ETH.
After the swap, around 1,050 ETH valued at $1.89 million was laundered through Tornado Cash. The anonymity mixer Tornado Cash is a dominant choice that cybercriminals use to avoid detection in their activities.
The hacker controls approximately 5,111 ETH and 16.34 million DAI despite these movements. The funds are distributed in two different wallets, with addresses 0xe2b5…3ed5 and 0x5026…ca97.
New movements of funds have brought back concerns regarding hot wallet security issues that centralized exchanges must address. Hot wallets’ quick transaction benefits cannot hide their dangerous vulnerability to internet threats, as they remain open to online attacks.
Bitrue’s History of Breaches Casts a Long Shadow
Bitrue announced the security breach in April 2024 after discovering a hacker had acquired various cryptocurrencies from one of its hot wallets. The hacker stole Ethereum (ETH), Polygon (MATIC), Shiba Inu (SHIB), Quant (QNT), Gala (GALA) and Holo (HOT) from the exchange.
During the incident, Bitrue stated that less than 5% of funds were stolen, yet provided full reimbursements to customers. The recent incident became the latest episode in a series of troubles after hackers stole $5 million in 2019.
In March 2024, the same intruder conducted a 4,207 ETH transaction, resulting in ETH sales at approximately $3,885 per unit. The market downfall capitalized on more appealing prices from the past compared to contemporary levels.
The current conversion of SHIB and HOT into ETH functions as a deliberate step-by-step money laundering operation that continues. According to expert analysis, such deliberate security breaches show that industry defenses are not sufficient.
Security Concerns Spread Beyond Centralized Platforms
Along with other cryptocurrency platforms, decentralized exchanges face significant security threats. The faulty oracle system within KiloEX on BNB Chain and opBNB led to a seven-million-dollar exploit during the year.
Criminals exploited KiloEX price feeds through market manipulation to buy low and sell high before draining the entire liquidity pool. Due to advanced attack capabilities, the industry’s security infrastructure now needs a complete overhaul.
This new wave of hacking incidents demonstrates the growing threat that drives crypto platforms to strengthen their defense systems. The crypto project must overcome both regulatory hurdles while facing mounting concerns from investors and users.
The reappearance of the Bitrue hacker has once again exposed critical weaknesses in crypto exchange security. User asset protection must become essential for the crypto industry to rebuild trust because cyberattacks continue to grow in sophistication.
Also Read: Ethereum Strengthens Position as Core Settlement Layer for Decentralized Economy
