Published
8 months ago on
March 13, 2024
Lookonchain, a crypto surveillance platform, has disclosed concerning updates about the notorious Bitrue Drainer, an address linked to a significant security breach.
The entity behind a massive $23.5 million theft from Bitrue Exchange last year has made a considerable transaction, selling cryptocurrencies.
“The #Bitrue Drainer sold 4,207 $ETH for 16.34M $DAI at $3,885 8 hours ago.#BitrueDrainer stole $23.5M assets on April 14, 2023, including: 137,000 $QNT($17M) 46.4M $GALA($2M) 172.55B $SHIB($1.91M) 756M $HOT($1.54M) 318 $ETH($640K) 310,071 $MATIC($352K) Then sold 137,000 $QNT”
In a recent event, Lookonchain reported that the Bitrue Drainer exchanged 4,207 ETH for $16.34 million in DAI stablecoins, averaging $3,885 per ETH.
This move comes after the April 14, 2023, breach, where the hacker amassed a fortune in various cryptocurrencies, including 137,000 Quant (QNT), 46.4 million Gala (GALA), 172.55 billion Shiba Inu (SHIB), 756 million Holo (HOT), 318 ETH, and 310,051 Polygon (MATIC).
Post-theft activities saw the hacker actively selling stolen assets. Following the breach, 137,000 QNT were sold, fetching $14.74 million in Ethereum, which led to a more than 9% drop in QNT’s price within a few hours.
Subsequent sales included 46.4 million GALA for $1.86 million, 22.55 billion SHIB for $236K, and 310,071 MATIC for $343K.
These transactions were primarily converted into Ethereum.
Despite these sales, the Bitrue Drainer still possesses a substantial amount of digital assets, including 4,650 Ethereum, 150 billion SHIB, and 756 million HOT.
The combined value of these holdings is approximately $17.68 million, $4.7 million, and $2.9 million, respectively.
The original theft’s value was around $23.5 million, but due to recent market gains, the remaining assets’ value has significantly increased, surpassing the initial amount stolen.
This development suggests that the Bitrue Drainer continues to hold a fortune far exceeding the value of the originally stolen funds, despite the large-scale liquidations that have taken place.
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