On October 24, a hacker compromised a wallet believed to belong to the US government and transferred approximately $20 million in cryptocurrency to his own account. Arkham Intelligence reported that this wallet contained assets seized from a major hack in the past, and that the hacker moved these funds to an address starting with “0x348”. The hacker converts the stablecoin assets into Ethereum (ETH) and transfers them to different addresses for money laundering purposes.
Blockchain researcher ZachXBT explained that the hacker transferred the stolen cryptocurrencies to different accounts through platforms that provide instant liquidity. The funds withdrawn from the alleged US government account were distributed to various platforms, making it difficult to trace the transactions. This incident stands out as one of the largest security breaches of US digital assets.
