US government retrieves over $19 million from purported hack this week: Arkham
Quick Take
- The government-linked wallet has seemingly recovered 88% of the lost funds within a day of the security incident.
- The wallet linked to the U.S. government lost over $20 million worth of stablecoins and ETH on Oct. 24.
A wallet linked to the United States government retrieved $19.3 million from the $20 million purported hack earlier this week.
The government-linked wallet has seemingly recovered on 88% of the lost funds on Friday, within 24 hours of the security incident, crypto analytics firm Arkham wrote in a Friday social media post on X.
The Block previously reported that a wallet linked to the U.S. government lost over $20 million worth of cryptocurrency on Oct. 24. The funds included $14 million in the AUSDC stablecoin, $5.4 million in USDC, $1.1 million in USDT and $500,000 in ETH.
Though it was unclear at the time why the funds moved, both Arkham and crypto sleuth ZachXBT noted that the funds' movements suggested malicious activity. The perpetrator moved the funds to non-custodial applications in what appeared to be an attempt to launder the stolen cryptocurrency. The funds themselves hadn't been moved in over eight months before Oct. 24.
What's more, the funds stolen on Thursday were connected to government seizures related to the 2016 Bitfinex hack, where the crypto exchange lost nearly 120,000 BTC in a security compromise.
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