Bitrue $23M Hack Funds Laundered via Tornado Cash, ETH Trades Yield $9M Profit

The hacker responsible for the $23 million Bitrue exchange breach in April 2023 has resumed laundering the stolen funds in 2025 by converting significant amounts of crypto into Ethereum (ETH) and funneling it through Tornado Cash, a privacy-focused mixing service. After initially swapping various tokens into ETH, the hacker sold and repurchased ETH strategically, profiting over $9 million due to price fluctuations before starting to move $30 million worth of crypto through Tornado Cash. Recent transactions include converting 8.3 million DAI into 3,000 ETH and sending 4,600 ETH, valued at approximately $12.65 million, to Tornado Cash to obscure the origin of the stolen assets. Despite these laundering efforts, the hacker’s wallet still holds substantial balances, suggesting further movement and possible selling pressure that could impact ETH market volatility. The incident highlights ongoing security vulnerabilities in centralized exchanges and raises concerns within the crypto trading community about the influence of illicit fund flows on market sentiment and price dynamics. Additionally, allegations have emerged indicating potential insider involvement in continued theft from Bitrue users, complicating the exchange’s security reputation.