Hacker Profits $9.3M on Savvy Ether Trades Before Laundering $30M via Tornado Cash

A sophisticated actor behind the 2023 hack of the Bittrue cryptocurrency exchange has demonstrated considerable trading acumen, turning a portion of the stolen assets into a multi-million dollar profit before attempting to obfuscate the funds. According to on-chain analysis highlighted by EmberCN, the hacker, who initially made off with $23 million, executed a well-timed series of trades with Ether (ETH). The strategy involved selling the stolen ETH during its 2023 peaks, when it traded as high as $2,450. Subsequently, the hacker bought back into ETH after its price corrected, reportedly near its lows of around $1,472 in April. By holding through the recent market recovery, which saw Ether climb to nearly $2,873 this week, the individual secured an impressive profit of $9.37 million on the transactions alone. This entire saga underscores a critical point for traders: major market swings, whether driven by legitimate catalysts or illicit activities, create significant opportunities for those who can accurately time their entries and exits.

The laundering phase of this operation commenced recently, with the hacker funneling approximately $30 million worth of Ether through Tornado Cash, a well-known cryptocurrency mixing service designed to break the on-chain link between a source and destination address. Debank data confirms that the entirety of the stolen and profited funds are now being processed through the mixer. This move is a classic step for those looking to launder illicitly gained crypto, but the on-chain trail provides further insights for vigilant market participants. Analysis of the hacker's wallet on Etherscan reveals that this is not their first interaction with DeFi protocols post-heist. There were several deposits to HyperLiquid, a decentralized derivatives exchange, throughout April. This indicates the hacker is not simply cashing out but is actively deploying capital within the DeFi ecosystem, potentially impacting liquidity and short-term price action on these platforms. For traders, monitoring wallets associated with major exploits can sometimes provide alpha on where large blocks of capital are moving next.

ETH Price Analysis and Market Implications

From a trading perspective, Ether is currently navigating a period of consolidation. The ETH/USDT pair is trading around $2,520.69, showing a minor 24-hour decline of 0.69%. The immediate intraday range is defined by a high of $2,542.44 and a low of $2,476.41, which serve as key short-term resistance and support levels, respectively. A decisive break above $2,550 could signal renewed bullish momentum, while a drop below $2,475 might invite further selling pressure. The ETH/BTC pair, trading at 0.0233, is also down slightly, suggesting Bitcoin may be exhibiting relative strength. The broader context of exchange hacks, which resulted in investor losses of $1.67 billion in the first quarter of this year, adds a layer of persistent risk and regulatory scrutiny that can temper bullish sentiment. However, the hacker's ability to profit handsomely also demonstrates the resilience and high volatility of ETH, which remains a primary vehicle for both legitimate speculation and illicit financial maneuvering.

Political Meme Token WLFI Pivots to Tradable Asset

In a separate but equally fascinating market development, the World Liberty Foundation, a project affiliated with the Trump brand, has announced a significant policy reversal for its WLFI token. Initially distributed to supporters as a non-transferable, non-tradable asset, the project is now planning to enable trading. A post on the project's official X account stated, “You asked to make $WLFI transferable — we heard you,” signaling a pivot that could unlock the token's speculative value. This move taps into the burgeoning “PoliFi” or political finance narrative, where tokens tied to political figures or movements gain value based on hype and community engagement. While no specific timeline or technical details have been provided, the announcement itself is enough to put WLFI on the radar of high-risk, high-reward traders. The moment this token becomes tradable on decentralized exchanges, it is likely to experience extreme volatility, presenting a classic narrative-driven trading opportunity for those with a high tolerance for risk.

Cross-Asset Opportunities and Concluding Thoughts

Looking at the broader altcoin market, other major assets are also at critical junctures. Solana (SOL) is trading at $148.52 against USDT, slightly down, but its SOLETH pair is up a notable 2.59% to 0.068, indicating that some capital may be rotating from Ether to Solana in search of higher beta returns. Cardano (ADA) at $0.5743 shows a similar pattern, with its ADABTC pair gaining 1.32%, suggesting resilience against Bitcoin. These cross-pair dynamics are crucial for traders looking to optimize their portfolios. The key takeaway from these disparate events is twofold: first, on-chain intelligence remains a powerful tool for tracking large capital flows, whether legitimate or not. Second, narrative continues to be a potent price driver, especially in niche corners of the market like PoliFi. Traders should therefore maintain a dual focus, combining technical analysis of key support and resistance levels with a keen awareness of on-chain data and evolving market narratives to effectively navigate today's complex crypto landscape.