A hacker may have stolen more than $20 million worth of crypto, including stablecoins and Ethereum. (ETH)from a US government-controlled wallet connected to the infamous 2016 Bitfinex hack.
The suspicious transfers took place on October 24, alarming blockchain analysts including ZachXBT, who called the transfers “nefarious” and hinted at possible theft.
Arkham Intelligence first reported the transfers from the wallet, which had been inactive for eight months before suddenly moving $1.25 million into Tether. (USDT) and $5.5 million in USD coins (USDC) from the DeFi platform Aave.
Additionally, approximately $13.7 million in aUSDC – an interest-bearing token representing USDC deposited in Aave – as well as $446,000 worth of Ethereum was sent to a newly created wallet.
The funds had been seized by US authorities as part of the investigation into the 2016 Bitfinex hack, in which more than $3.6 billion in digital assets were stolen. Following the seizure, the government-owned wallet received significant amounts of cryptocurrencies.
Further analysis revealed that approximately $320,000 worth of Ethereum was sent to various exchanges, while another $80,000 was distributed across several smaller wallets. The wallet that received these funds had been created just days before the transfer, intensifying concerns about the suspicious nature of the transactions.
As of press time, the Justice Department has not commented on the situation or provided information regarding the transfers. Analysts and blockchain experts continue to monitor the movement of funds as the investigation unfolds.
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