US Government Crypto Wallet Hacked

Blockchain analytics firm Arkham Intelligence revealed that $20 million in cryptocurrency has been suspiciously moved from a US government-linked wallet

Blockchain analytics firm Arkham Intelligence has flagged a suspicious movement of $20 million in cryptocurrency from a US government-linked wallet, hinting at a possible breach.

In a post on Twitter, Arkham wrote, “US Government linked address appears to have been compromised for $20M.”

US Government Crypto Wallet Hacked

The US government wallet still contains crypto assets worth $14.23 billion. A portion of the assets in the compromised wallet, identified as 0xc9E6…C34c, were siphoned off by crypto hackers, according to Arkham's analysis.

The address received “USG seized funds linked to the Bitfinex hackers from 9 separate USG seizure addresses, including 0xE2F699AB099e97Db1CF0b13993c31C7ee42FB2ac, an address named in the court documents relating to the BitfineX seizure,” Arkham noted.

The funds were then transferred to an attacker's wallet, 0x348…A9f, according to the firm's analysis. Arkham noted that the attacker “has begun selling the funds to ETH” and suspects that the proceeds are being laundered through “suspicious addresses linked to a money laundering service.”

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

— Arkham (@ArkhamIntel) October 24, 2024

The US government has yet to issue a public statement on the incident, and the full extent of the breach remains unclear. Investigations are likely still underway to trace the laundered assets.

Overview of Stolen Assets

Earlier today, a massive transaction saw $13.70 million worth of aUSDC being moved out of the US government's address.

In addition to the aUSDC, the crypto hackers also shifted $5.45 million of USDC.

Furthermore, $1.125 million in USDT was also stolen.

Finally, the last transaction saw 177.892 ETH, valued at $446,920, being moved to the suspected address.

Currently, the funds are being laundered with the exact destination being uncertain.

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