Notorious Bitrue Drainer Strikes Again, Liquidating $16.34 Million of ETH

The crypto surveillance platform Lookonchain has revealed alarming developments regarding the infamous Bitrue Drainer-labeled address. According to the disclosure, the same hacker responsible for a staggering $23.5 million heist on Bitrue Exchange last year has resurfaced with a hefty crypto sale.

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… pic.twitter.com/Ptg5mbCB5C

— Lookonchain (@lookonchain) March 11, 2024

In particular, Lookonchain noted that the Bitrue Drainer unloaded 4,207 ETH for $16.34 million denominated in the DAI stablecoin. The hacker executed the transaction within the last 24 hours, dumping the ETH at $3,885 a pop.

Notably, this transaction followed the Bitrue security breach on April 14, 2023, in which the bad actor got away with millions in digital assets. Lookonchain highlighted that the hacker stole 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).

Furthermore, Lookonchain pointed out that the Bitrue Drainer sold 137,000 QNT for $14.74 million Ethereum following the incident, which caused QNT’s value to tank by over 9% within hours. On the same day, the hacker liquidated 46.4 million GALA for $1.86 million, 22.55 billion SHIB for $236K, and 310,071 MATIC for $343K.

While these tokens were converted to ETH, the hack left some assets untouched. Currently, the Bitrue Drainer’s holdings stand at 4,650 Ethereum, 150 billion SHIB, and 756 million HOT, worth $17.68 million, $4.7 million, and $2.9 million, respectively

At the time of the heist, these stolen tokens were worth about $23.5 million. However, considering the recent gains in the crypto market, the value has more than doubled. To put it differently, the hacker still has in store a monetary value that exceeds the initial stolen funds, despite all past sales.

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