The identity of the hacker and the motivation behind the attack are not currently known, but the incident reflects a growing trend of hacks and exploits in the third quarter of 2024.
A malicious actor who drained a United States government wallet of approximately $20 million on Oct. 24 returned a significant portion of the funds, according to blockchain sleuths.
The wallet, which contained funds seized from the 2016 Bitfinex hack, received 2,412 Ether (ETH) ($2,504.82), 7,200 USD Coin (USDC) ($1.00) and $13.2 million in Aave-staked USDC (aUSDC), Arkham Intelligence reported. At the time of this writing, roughly 88% of the funds have been returned.
Onchain data showed the returned funds do not include the approximately $700,000 the hacker sent to instant exchanges, according to blockchain sleuth ZackXBT. The identity of the hacker and the motivation behind the attack are not currently known.
The incident comes amid a surge in hacks and exploits in the third quarter of 2024, with several high-profile attacks targeting decentralized finance (DeFi) protocols and blockchain networks.
The US government wallet containing the seized funds from the 2016 Bitfinex hack. Source: Arkham Intelligence
As previously reported by Cointelegraph, the United States government experienced a crypto breach on Oct. 24, with a malicious actor draining a government wallet containing seized funds from the 2016 Bitfinex hack.
According to blockchain sleuths, the attacker drained the wallet, which contained roughly $20 million in cryptocurrency at the time, and began shifting the funds to several wallets controlled by the hacker. The wallet reportedly contained funds seized by the Commodity Futures Trading Commission (CFTC) following the Bitfinex hack.
After draining the wallet, the hacker sent several transactions to instant exchanges, likely to launder the stolen funds, before sending a portion of the funds to an NFT marketplace and a decentralized exchange (DEX) aggregator. Several wallets controlled by the hacker then began returning the funds to the US government wallet, beginning with the characters “0xc9E.”
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