Key Insights:
- A hacker who appropriated $23 million from Bittrue in 2023 has laundered $30 million in ETH through Tornado Cash, earning $9.37 million via trading.
- All stolen assets are currently being laundered through Tornado Cash.
- The crypto industry faced losses totaling $1.67 billion due to hacks in the first quarter of this year.
A hacker who appropriated $23 million from the cryptocurrency exchange Bittrue has begun laundering the funds utilizing Tornado Cash, as reported by EmberCN based on Debank data.
The hacker transferred $30 million worth of ether
ETH — $2,517.10 to a mixing service, selling the tokens in 2023, and purchasing back after a price dip, then holding through the asset’s rise.
The second-largest cryptocurrency reached highs of $2,450 in 2023, then fell to $1,472 in April, rebounding to $2,873 recently, per CoinDesk figures. The hacker netted $9.37 million from these transactions, as outlined by EmberCN.
Data from Debank indicates that all stolen assets are being actively funneled through Tornado Cash, with the hacker’s affiliation with any larger group remaining ambiguous.
Crypto investors suffered losses of $1.67 billion in Q1 this year as the industry grapples with criminal elements even amid growing institutional uptake.
The hacker’s transnational footprints on Etherscan reveal they also laundered funds in April as well as engaging in multiple deposits to the decentralized derivatives exchange HyperLiquid.
