US government retrieves over $19 million from purported hack this week: Arkham
Quick Take The government-linked wallet has seemingly recovered 88% of the lost funds within a day of the security incident. The wallet linked to the U.S. government lost over $20 million worth of stablecoins and ETH on Oct. 24.
A wallet linked to the United States government retrieved $19.3 million from the $20 million purported hack earlier this week.
The government-linked wallet has seemingly recovered on 88% of the lost funds on Friday, within 24 hours of the security incident, crypto analytics firm Arkham wrote in a Friday social media post on X.
The Block previously reported that a wallet linked to the U.S. government lost over $20 million worth of cryptocurrency on Oct. 24. The funds included $14 million in the AUSDC stablecoin, $5.4 million in USDC, $1.1 million in USDT and $500,000 in ETH.
Though it was unclear at the time why the funds moved, both Arkham and crypto sleuth ZachXBT noted that the funds' movements suggested malicious activity. The perpetrator moved the funds to non-custodial applications in what appeared to be an attempt to launder the stolen cryptocurrency. The funds themselves hadn't been moved in over eight months before Oct. 24.
What's more, the funds stolen on Thursday were connected to government seizures related to the 2016 Bitfinex hack, where the crypto exchange lost nearly 120,000 BTC in a security compromise.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
As the AI narrative begins to waver, long-overlooked risks in the market are quietly emerging
Citadel Securities warns that the stock market selloff indicates investors' patience for AI returns is waning, and high interest rates are making infrastructure investment returns more pressing. AI capital expenditure has become a double-edged sword. Combined pressures from fiscal policy, tariffs, energy, and geopolitics are putting the Federal Reserve in a dilemma. The report states that risks have long been masked by the AI and growth narrative, and the market’s tolerance for error is now extremely limited.
Bitcoin drops below $80,000 as crypto ignores Asian tech rally, Fed meeting begins
"We've seen this pattern before!" Major short seller explains: Why short the AI newcomer CoreWeave
Seawolf Capital, founded by three traders who inspired "The Big Short," has established a short position on CoreWeave, citing concerns over high capital consumption, the uncertain economic lifespan of GPUs, and the expansion of competing chip supplies, which pose risks to CoreWeave’s business model. More critically, CoreWeave will require continuous financing of tens of billions of dollars in the future, and if financing costs rise or access to capital is hindered, its operations will become unsustainable. This short position is not a bet against the AI industry itself, but rather on CoreWeave’s ability to secure financing and manage capital costs.
Why Is Bitcoin Stuck Near $80K as Strategy Diverts $205M to Preferred-Share Buybacks?
Crypto prices
More
