US government may have fallen victim to $ 20 million cryptocurrency fraud

on October 24, Arkham Intelligence experts recorded the movement of crypto assets worth about $ 20 million from a wallet allegedly linked to the US government. The virtual coins USDT, USDC, Ethereum, and AUSDC were transferred to another wallet and then sent to N. Exchange and Switchain. Experts believe that this may indicate a hack.

Crypto detective ZachXBT stated that the attacker may have started laundering funds through these services. Arkham Intelligence supported his conclusions, expressing suspicion that the funds may be part of illegal activities. Nevertheless, there is no official confirmation that it was a theft.

The movement of crypto assets was recorded for the first time in eight months. The day before, Arkham Intelligence also noted the withdrawal of assets from the Aave protocol. The mentioned cryptocurrency is connected to the investigation of the hack of the Bitfinex crypto exchange in 2016, when Ilya Lichtenstein and Heather Morgan stole 120,000 BTC, of which about 94,000 were traced.

Last year in July, the US authorities moved bitcoins previously confiscated from Silk Road. In several transactions, government-affiliated wallets transferred more than 9,824 BTC. Also in March 2023, the US government sold 9861 BTC for $ 215 million. This was only a fraction of the confiscated assets that remained at that time. The authorities planned to liquidate the cryptocurrency in four batches during the year.