Key Takeaways:
- A hacker drained $20M from a U.S. government-controlled crypto wallet on Oct. 24.
- The stolen funds were originally seized from the 2016 Bitfinex hack and included USDC, USDT, aUSDC, and ETH.
- The hacker has begun converting stablecoins to ETH, laundering the funds through other wallets.
On October 24, a hacker successfully breached a cryptocurrency wallet believed to be managed by the U.S. government.
The wallet contained funds originally seized in connection with the 2016 Bitfinex hack and was drained of approximately $20 million in digital assets.
𝗨𝗣𝗗𝗔𝗧𝗘: 𝗨𝗦 𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗹𝗶𝗻𝗸𝗲𝗱 𝗮𝗱𝗱𝗿𝗲𝘀𝘀 𝗮𝗽𝗽𝗲𝗮𝗿𝘀 𝘁𝗼 𝗵𝗮𝘃𝗲 𝗯𝗲𝗲𝗻 𝗰𝗼𝗺𝗽𝗿𝗼𝗺𝗶𝘀𝗲𝗱 𝗳𝗼𝗿 $𝟮𝟬𝗠.
— Arkham (@ArkhamIntel) October 24, 2024
$20M in USDC, USDT, aUSDC and ETH has been suspiciously moved from a USG-linked address 0xc9E6E51C7dA9FF1198fdC5b3369EfeDA9b19C34c to… pic.twitter.com/UXn1atE1Wx
The stolen funds were transferred to a wallet starting with “0x348” and included various cryptocurrencies such as US Dollar Coin (USDC), Tether (USDT), aUSDC, and Ether (ETH).
Blockchain analysis reveals that the hacker has started converting stablecoins into ETH and is laundering the assets through wallets suspected to be linked to a money laundering service.
These assets were part of the government’s seizure related to the Bitfinex hack, a case in which Ilya Lichtenstein and his wife, Heather Morgan, are due to be sentenced in November.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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