The post US Gov Wallet Hack of $20M Ends With $19.3M in Crypto Returned appeared on BitcoinEthereumNews.com.

A US government-linked wallet was compromised for $20M in crypto, but $19.3M was quickly recovered within 24 hours of the breach. The compromised wallet was linked to Bitfinex hacker-seized funds, raising concerns about the security of government crypto assets. Blockchain investigators are actively tracking the stolen funds as the hacker attempts to launder proceeds through suspicious addresses. Blockchain analytics firm Arkham Intelligence has revealed a major security breach involving a cryptocurrency wallet associated with the U.S. government. Thieves stole over $20 million in digital assets, including USDC, aUSDC, USDT, and ETH, transferring them to a suspected hacker’s address. Within hours, authorities recovered approximately $19.3 million, representing 88% of the stolen funds. Arkham also noted a significant movement of $13.2 million in aUSDC, suggesting potential enforcement or liquidation activities related to previous asset seizures. 𝗨𝗣𝗗𝗔𝗧𝗘: $𝟭𝟵𝗠 𝗨𝗦 𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗳𝘂𝗻𝗱𝘀 𝗿𝗲𝘁𝘂𝗿𝗻𝗲𝗱 The US Government’s address has just received $19.3M back following yesterday’s reported hack, less than 24 hours after the initial address breach. 88% of the compromised USD value has now been… https://t.co/F8q6iikBrT pic.twitter.com/Vo7I7ZH9K1 — Arkham (@ArkhamIntel) October 25, 2024 Inside the Hack The compromised wallet originally held government-seized assets from the infamous Bitfinex hack. These assets moved across nine separate government addresses before reaching the compromised address. According to Arkham, the hacked wallet first sent $13.7 million worth of aUSDC to a suspicious address, followed by another transfer of $5.45 million in USDC. In addition, $1.125 million in USDT moved, along with 177.892 ETH worth approximately $446,920. Read also: Arkham Intelligence Reveals U.S. Government’s Bitcoin Transfer to Coinbase The hacker’s wallet, identified as 0x348, has begun converting the stolen funds into Ethereum. Reports indicate the funds are moving through various channels for laundering, with their ultimate destination remaining unknown. Blockchain investigators continue to monitor these movements for any signs of liquidation…

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Filed under: News - @ October 26, 2024 7:24 am