US authorities might fall sufferer to $20 million crypto hack

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Key Takeaways

Over $20 million in Ethereum and stablecoins have been stolen from a US government-controlled pockets.
The theft is related to the pockets concerned within the 2016 Bitfinex hack.

The US authorities might have suffered a $20 million exploit that focused its crypto pockets on October 24, in keeping with stories from Arkham and blockchain sleuth ZachXBT.

𝗨𝗣𝗗𝗔𝗧𝗘: 𝗨𝗦 𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗹𝗶𝗻𝗸𝗲𝗱 𝗮𝗱𝗱𝗿𝗲𝘀𝘀 𝗮𝗽𝗽𝗲𝗮𝗿𝘀 𝘁𝗼 𝗵𝗮𝘃𝗲 𝗯𝗲𝗲𝗻 𝗰𝗼𝗺𝗽𝗿𝗼𝗺𝗶𝘀𝗲𝗱 𝗳𝗼𝗿 $𝟮𝟬𝗠.

$20M in USDC, USDT, aUSDC and ETH has been suspiciously moved from a USG-linked tackle 0xc9E6E51C7dA9FF1198fdC5b3369EfeDA9b19C34c to… pic.twitter.com/UXn1atE1Wx

— Arkham (@ArkhamIntel) October 24, 2024

The incident was first flagged earlier as we speak after a US government-linked tackle, which had been dormant for eight months, made some suspicious transfers.

Based on information tracked by Arkham, initially, $1.25 million in USDT and $5.5 million in USDC have been moved from the DeFi platform Aave. Subsequently, roughly $13.7 million in aUSDC and $446,000 in Ethereum have been transferred to a newly established pockets. These funds had beforehand been seized by US authorities in the course of the investigation of the Bitfinex hack.

Additional actions included about $320,000 in Ethereum despatched to numerous exchanges and $80,000 distributed to a number of smaller wallets. Investigations are ongoing to hint the laundered funds and assess the total extent of the breach. The US authorities has but to launch an official assertion relating to this incident.

Arkham famous that the attacker had begun promoting these belongings for ETH and will have been laundering the proceeds via numerous suspicious addresses. On the time of reporting, US authorities nonetheless maintain over $14 billion in complete.