Gushiken Yona
150 billion stolen Shiba Inu tokens from the Bitrue hack are being swapped and laundered, as malicious actors move the assets through Tornado Cash to obscure their trail.
Details Emerge on Stolen Shiba Inu Tokens Conversion
Blockchain security firm PeckShield recently alerted the crypto community to significant movements from wallet addresses associated with the 2023 Bitrue exchange exploit. On-chain data revealed the malicious actors swapped a massive 150 billion Shiba Inu tokens (SHIB), along with approximately 756 million Holo (HOT) tokens.
These assets were converted into roughly 1,500 Ether (ETH). Following the swap, the exploiters quickly moved to obscure the funds’ origins, transferring 1,050 ETH directly into Tornado Cash, a decentralized cryptocurrency mixing service designed to break the on-chain link between sender and receiver addresses.
Context: The 2023 Bitrue Exchange Hack
This recent activity is tied to a significant security breach that occurred in April 2023. Cryptocurrency exchange Bitrue suffered a cyberattack targeting one of its hot wallets, leading to an estimated loss of $23 million in various digital assets at the time. The theft included a diverse range of tokens, and the perpetrators have been periodically moving these funds since the initial incident. The movement of large quantities of specific assets, like the Shiba Inu tokens, often occurs when exploiters attempt to consolidate holdings or prepare for cashing out.
Over $25 Million Still Held as Laundering Continues
Despite the recent swap and mixing activity, the addresses linked to the Bitrue exploiter still retain a substantial amount of cryptocurrency. According to PeckShield’s analysis, the remaining traceable holdings include approximately 5,111 ETH and 16 million DAI (a stablecoin pegged to the U.S. dollar).
At current market valuations, these remaining assets are worth roughly $25.5 million. The ongoing movement and laundering attempts underscore the persistent challenge of tracking illicit crypto funds and the methods used by attackers to obfuscate their trails long after an initial exploit occurs. The use of Tornado Cash, in particular, complicates recovery efforts for exchanges and law enforcement agencies.
Shiba Inu Climbs as Trading Volume Increases
Shiba Inu (SHIB) demonstrated positive momentum in the early trading hours of Monday, signaling renewed buyer interest in the popular dog-themed cryptocurrency. As of 6:40 a.m. ET, SHIB was trading at $0.00001415, reflecting a solid 3.21% gain on the day. This price appreciation suggests a bullish start to the week for the asset.
Further bolstering this positive sentiment is the notable increase in trading activity. Shiba Inu’s 24-hour trading volume climbed to $200.19 million, marking a significant 9.42% increase. Rising volume accompanying a price increase is often seen as a potentially bullish indicator, suggesting stronger conviction behind the upward price movement and heightened market participation. It implies that the price gain isn’t merely a low-volume drift but is supported by active trading.
The positive price action directly translated into an expansion of Shiba Inu’s market capitalization. Reaching $8.35 billion, the market cap saw a 3.45% increase, closely mirroring the daily price gain. This valuation reaffirms SHIB’s standing as the world’s second-largest canine-inspired digital asset by market value, underscoring its continued relevance and significant footprint within the altcoin ecosystem, particularly among meme coins.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
