U.S. Government Hacked: $20 Million in Cryptocurrency Stolen

• The U.S. government has reportedly fallen victim to a suspected hack that resulted in the theft of $20 million in digital assets.
• The incident involves multiple cryptocurrencies, including USDC, USDT, aUSDC, and ETH, raising concerns about the security of public wallets.

A cryptocurrency wallet managed by the U.S. government has reportedly been hacked, leading to the theft of approximately $20 million in digital assets. According to information from the blockchain analysis firm Arkham Intelligence , the stolen funds were transferred to a suspicious wallet that subsequently began converting the assets into Ether (ETH). This action suggests malicious intent behind the attack.

𝗨𝗣𝗗𝗔𝗧𝗘: 𝗨𝗦 𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗹𝗶𝗻𝗸𝗲𝗱 𝗮𝗱𝗱𝗿𝗲𝘀𝘀 𝗮𝗽𝗽𝗲𝗮𝗿𝘀 𝘁𝗼 𝗵𝗮𝘃𝗲 𝗯𝗲𝗲𝗻 𝗰𝗼𝗺𝗽𝗿𝗼𝗺𝗶𝘀𝗲𝗱 𝗳𝗼𝗿 $𝟮𝟬𝗠.

$20M in USDC, USDT, aUSDC and ETH has been suspiciously moved from a USG-linked address 0xc9E6E51C7dA9FF1198fdC5b3369EfeDA9b19C34c to… pic.twitter.com/UXn1atE1Wx

— Arkham (@ArkhamIntel) October 24, 2024

The transfer specifically involved several stablecoins, including USDC and USDT, as well as aUSDC and Ether. Arkham Intelligence reports that nearly $14 million was transferred in the Aave USDC stablecoin. The use of stablecoins for these transactions may indicate that the hacker is attempting to stabilize the digital currency for easier future use.

The suspect’s wallet now holds about $13 million in various cryptocurrencies. This amount is a result of the transfer of funds to other addresses, further intensifying suspicions of money laundering. In this context, transactions amounting to approximately $5.5 million and $1.4 million in Ether have been noted, which are linked to additional suspicious addresses.

This incident is part of a concerning trend in the cryptocurrency ecosystem, which has faced a series of hacks in 2024. The U.S. government currently holds over $14 billion in various cryptocurrencies, making this theft one of the largest in the history of crypto assets. Despite the magnitude of the incident, the identity of the suspect remains unknown, and detailed information regarding the security breach has yet to be disclosed.

The hack of the U.S. government is just one of many attacks on the cryptocurrency sector this year. To date, over $1.2 billion has been stolen through cybercrime in this industry, underscoring the vulnerabilities and risks facing digital currencies. Particularly troubling is the issue of security concerning public wallets, which represent a significant challenge for governments and institutions looking to engage with the cryptocurrency market.