US Government Hacked For $20M In Cryptocurrencies Including Ethereum, Says On-Chain Intelligence Platform — Attacker Reportedly Laundering Funds

Nearly $20 million in cryptocurrencies has been reportedly drained out of U.S. government-linked wallets holding funds seized from the Bitfinex cryptocurrency exchange hack.

What Happened: About $14 million in the Aave USDC (AUSDC) stablecoin, $5.4 million in USD Coin (CRYPTO: USDC), $1.1 million in Tether (CRYPTO: USDT), and nearly $450,000 in Ethereum (CRYPTO: ETH) were “suspiciously” transferred to an unknown wallet, according to on-chain analytics firm Arkham Intelligence.

After receiving the tokens, the wallet began selling them for ETH, raising concerns about potential money laundering.

“We believe the attacker has already begun laundering the proceeds through suspicious addresses linked to a money laundering service,” Arkham said.