- Within a day following the security issue, it appears that 88% of the lost cash had been restored in the government-linked wallet.
- On October 24, the U.S. government-affiliated wallet lost more than $20 million in ETH and stablecoins.
Out of the $20 million alleged attack earlier this week, $19.3 million was recovered from a wallet associated with the US government.
Within 24 hours of the security breach, the government-affiliated wallet appears to have recovered 88% of the missing assets on Friday, according to a social media post on X from the crypto analytics company Arkham.
More than $20 million worth of cryptocurrency was lost from a wallet associated with the U.S. government. Among the monies were $5.4 million in USDC, $1.1 million in USDT, $500,000 in ETH, and $14 million in the AUSDC stablecoin.
Both Arkham and cryptocurrency expert ZachXBT pointed out that the funds’ movements implied nefarious conduct, even though it was unknown at the time why they did so. In what seemed to be an effort to launder the stolen cryptocurrency, the criminal transferred the monies to non-custodial applications. Before October 24, the money itself had not been transferred for more than eight months.
Furthermore, the money taken on Thursday was linked to seizures by the government in connection with the Bitfinex hack of 2016, in which the cryptocurrency exchange lost almost 120,000 Bitcoin due to a security breach.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
