Bitrue
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 18 → 71. Problems weighed by who is responsible: concerns that are not fraud −9.6, incidents the subject suffered −3.2, problems around the subject, caused by others −0.8; legitimacy credit long-running +10, regulated +10. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -9.6 |
| Incidents it suffered (e.g. hacks) | -3.2 |
| Problems around it, caused by others | -0.8 |
| Long-running | +10 |
| Regulated | +10 |
| Sum | 71 |
Score: 71/100 (kept between 0 and 100)
How scoring works →Summary
Bitrue is a Singapore-incorporated centralized cryptocurrency exchange founded in 2018 that suffered a confirmed $23 million hot wallet exploit in April 2023, with stolen funds subsequently laundered through Tornado Cash as recently as June 2025. The exchange holds no license from Singapore's Monetary Authority (MAS) and relies on a VASP registration in Lithuania — a lower-tier regulatory framework — while accumulating a persistent record of user complaints alleging unjustified account freezes and asset seizures.
Connected Entities
1 entity · 2 linked investigationsConnected Through
1 shared actor · 2 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Bitrueorganizationalso in
Timeline(8 events)
July 2018
Bitrue founded in Singapore by Curis Wang and co-founders, initially supporting five cryptocurrencies with XRP focus.
12 February 2021
XRP Forensics publicly calls out Bitrue for freezing user accounts without clear justification; Bitrue cites arbitrage trading ban.
14 April 2023
Attacker exploits a Bitrue hot wallet at 07:18 UTC, draining approximately $23 million in ETH, QNT, GALA, SHIB, HOT, and MATIC. All withdrawals suspended.
18 April 2023
Bitrue restores withdrawal services after security review. Exchange states all affected users will be compensated in full.
December 2023
User alleges Bitrue seized $12,000 in assets citing a 'trading attack' involving automated scripts; case documented on GitHub.
March 2024
Previously dormant Bitrue hack wallet reactivates; attacker sells 4,207 ETH, generating approximately $16.3 million in DAI.
28 October 2024
Bitrue Lithuania UAB receives VASP registration from Lithuania's FNTT (registration 306725033), the exchange's first formal regulatory credential.
June 2025
On-chain analyst @EmberCN reports Bitrue hack wallet laundering approximately $12.65 million (4,600 ETH) through Tornado Cash in structured multi-stage operations. Total stolen proceeds estimated at $32.4 million after ETH appreciation.
Decision Log
- slot 455368605 · hash A8ujvPnWPEY5WtJNP3MKCxtEvsHzUeMcaokPYkdTpyjz
- slot 421041192 · hash 31umhcZkPpvKE8DdXEsq8eWrpsiSg3xw8mwNouA3WnGz
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 12 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:42 AM
last updated: 10/10/2026, 6:48:41 PM
7 viewsavoid.net — verified advice for a post-truth world