Bitrue Drainer's Massive Crypto Sell-Off Shakes Market Values

Bitrue Drainer’s recent ETH to DAI trade highlights the volatility and liquidity of the crypto market.
The massive sell-off of QNT by Bitrue Drainer in April 2023 significantly impacted its market price, causing a 9.5% drop.
Bitrue Drainer still possesses a substantial amount of cryptocurrency, indicating potential future market movements.

Bitrue Drainer executed a significant transaction, converting 4,207 ETH into 16.34 million DAI. This sale occurred at a rate of $3,885 per ETH just 8 hours ago. On April 14, 2023, this entity illicitly acquired assets worth $23.5 million.

The haul included diverse cryptocurrencies such as 137,000 QNT, valued at $17 million, and 46.4 million GALA, worth $2 million. Additionally, 172.55 billion SHIB and 756 million HOT were part of the stolen assets, valued at $1.91 million and $1.54 million, respectively. The theft also included 318 ETH and 310,071 MATIC, totaling nearly $1 million.

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

Following the theft, Bitrue Drainer liquidated 137,000 QNT for 7,331 ETH, equivalent to $14.75 million. This sale resulted in a 9.5% drop in QNT’s price. The entity didn’t stop there; 46.4 million GALA were exchanged for 926 ETH, and 22.55 billion SHIB were sold for 117 ETH. Furthermore, 310,071 MATIC were converted into 170 ETH. These transactions were all completed on April 14, 2023.

Currently, Bitrue Drainer’s portfolio includes 4,650 ETH, valued at $17.68 million. It also holds 150 billion SHIB and 756 million HOT, worth $4.7 million and $2.9 million, respectively.

Bitrue Drainer’s activities have sent ripples through the cryptocurrency market. The conversion of a large ETH stash into DAI underscores the strategic moves by entities to capitalize on market conditions.

The theft and subsequent sales have affected the cryptocurrencies’ prices, highlighting the vulnerabilities within digital asset exchanges. With a considerable amount of cryptocurrency still under Bitrue Drainer’s control, the market remains watchful for any further actions that could influence cryptocurrency valuations and investor sentiment.

Tags: Altcoin News