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Breaking News: Tether In The Hot Seat: US Federal Inquiry Into Potential
Sanctions And AML Violations



US GOV’T LOSES $20 MILLION AS CRYPTO WALLETS FALL VICTIM TO MAJOR HACK

by Christian Encila
3 hours ago
in Crypto News
0


A crypto wallet owned by the US government might have been compromised and
infiltrated by hackers, raising concerns about the security measures being
implemented by the government on digital assets.

The hacking incident could be a tell-tale sign of a lenient cybersecurity
practice in handling government-controlled cryptocurrencies. It might indicate
the need for the government to boost its firewalls and adaptability to digital
technologies.


Related Reading: Freedom! Nigerian Court Clears Binance Exec, Orders Immediate
Release


TRACKING A SUSPICIOUS ACTIVITY

What appears to be a hacking incident was reported by Arkham Intelligence, which
was able to track the movement of more than $20 million in crypto funds to
another location.

According to the platform, they find it suspicious that a government wallet that
has been inactive for at least eight months suddenly transfers funds to another
crypto wallet.

The government-controlled wallet is the storage of the seized digital monies
from the heist of the Bitfinex cryptocurrency exchange in 2016, which has been
in US authorities’ custody since 2022.

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MOVING CRYPTO TO ANOTHER WALLET

Arkham Intelligence said that the US government-owned crypto wallet initially
withdrew $5.45 million in USDC from Aave, and the extraction of $1.12 million in
USDT came a little later.







Shortly, about $20 million worth of cryptocurrency under government custody was
transferred to another address. Reports said the new address was linked to DEX
traders and a MetaMask swapper.

Some suggested that it is possible that the seized funds are being reorganized
after being inactive for several months.

The US government has not confirmed nor denied its participation with the Aave
lending vaults.



BTCUSD trading at $67,403 on the daily chart: TradingView.com


THE BINANCE CONNECTION

According to reports, after transferring the $20 million in crypto to a new
address, it was tracked to be on the move again and finally landed in Binance.

Binance has been in the headlines lately as the company faces legal scrutiny for
allegedly conducting illegal activities such as tax evasion.



Image: CuriouSTEM

Analysts said that the “fast movement of funds” led to speculation that the
government-controlled wallet has been exploited by unknown attackers.

Historically, the US government has been a conservative seller in disposing of
its digital assets. Authorities usually utilize Coinbase Custody hence, crypto
transfer to DEX or Binance indicates that something is not right.

Meanwhile, Arkham Intelligence showed that Ethereum worth around $320,000 was
moved to different exchanges. Aside from this, data revealed that smaller
wallets received $80,000 crypto funds.

Related Reading: Lazarus Group Unleashes Blockchain Game To Exploit Chrome And
Steal Crypto


LAUNDERING THE STOLEN CRYPTO

Arkham raised the possibility that the crypto hackers might have started trading
the digital assets for Ethereum and might be laundering the funds utilizing
several dubious addresses.

The US government has yet to release an official statement regarding this
incident.

However, reports said that US investigators are already on the trail of the
attackers and determining the extent of the hacking incident.

Featured image from Bulletproof, chart from TradingView


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CHRISTIAN ENCILA

Christian, a journalist and editor with leadership roles in Philippine and
Canadian media, is fueled by his love for writing and cryptocurrency.
Off-screen, he's a cook and cinephile who's constantly intrigued by the size of
the universe.




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