🌋 $20M Drained from U.S. Government Crypto Wallet, Analysis Shows
posted 2 hr ago
Based on on-chain data from Arkham Intelligence, around $20 million was stolen from U.S. government crypto wallets. On October 24, the platform published an analysis on their X account.
The compromised address Arkham mentioned was identified in 2022 documents as one of nine wallets that received seized funds linked to the Bitfinex hack.
In 2016, Bitfinex was hacked by a couple, Ilya Lichtenstein and Heather Morgan, who managed to steal 119,754 bitcoins, worth approximately $8.2 billion at the time of writing.Returning to the recent hack:
Data shows that funds, which had not been moved for over eight months, have started to be withdrawn through the decentralized platform Aave.
The stolen funds include approximately $14 million in the AUSDC stablecoin, $5.4 million worth of USDC, $1.1 million worth of USDT, and nearly half a million worth of ETH.
According to Arkham, the attackerâs wallet has begun converting the funds to ETH. The platform concluded:
We believe the attacker has already begun laundering the proceeds through suspicious addresses linked to a money laundering service
Currently, the hackerâs address holds over $13 million worth of cryptocurrencies.
The attackerâs wallet holds over $13 M worth of crypto. Source: Arkham Intelligence
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