In 2023, Bitrue, a well-known cryptocurrency exchange, suffered a significant hack, leading to the theft of $23 million worth of crypto assets. According to recent blockchain data shared by EmberCN, a prominent on-chain reporter, the hacker has been gradually moving the stolen funds, funneling large sums of Ethereum through the sanctioned crypto mixer Tornado Cash.
Over the past two years, the hacker employed a meticulous approach to launder the stolen assets. By using Tornado Cash, a crypto mixer that obscures transaction trails, the hacker effectively masked the movement of the stolen funds. As the laundering process continued, the value of the stolen tokens appreciated significantly.
By the end of the laundering scheme, the stolen $23 million had been converted into 12,079 ETH, now valued at approximately $32.36 million—a $9.36 million increase from the original amount. Additionally, the hacker generated $4.72 million in profit through strategic swing trading of Ethereum.
The blockchain data revealed the timeline of how the stolen assets were moved. In March 2024, the hacker sold 4,207 ETH, and by April 2025, they began moving smaller batches of ETH, sending 1,050 ETH through Tornado Cash. Finally, on June 12, 2025, the attacker moved 5,111.5 ETH along with 16.345 million DAI to a new wallet.
How the Bitrue Hack Unfolded
The breach occurred in April 2023, when the hacker infiltrated Bitrue’s systems, stealing a variety of crypto tokens worth around $23 million at the time. After the theft, the hacker converted these assets into Ethereum and held them for several months before beginning to launder the funds.
