Hackers strike again! The Bitrue $23 million theft reveals a massive money laundering network, with SHIB and HOT becoming tools for fund circulation!!!
In April 2023, hackers stole $23 million worth of assets from Bitrue, including various cryptocurrencies such as ETH, QNT, GALA, SHIB, and HOT. A year later, the hackers executed another operation, liquidating unsold SHIB and HOT for ETH—150 billion SHIB was exchanged for 1,090.4 ETH (approximately $1.97 million), and 135 million HOT was exchanged for 76.5 ETH (approximately $140,000).
What’s more concerning is that in March 2024, the hackers exchanged 4,207 ETH for 1,634.5 DAI at a price of $3,885, continuously operating these illegal fund flows on-chain. This series of transactions not only exposes the money laundering loopholes in the cryptocurrency space but also raises questions about the existence of a larger fund-cleansing network.
The question arises: In an increasingly stringent regulatory environment, could this flow of funds reflect deeper black market activities? Does the lack of transparency and regulation allow hackers to have an ever-expanding 'playing field'?
