Hacking in the crypto industry is nothing new. In just September, hacks totaling $120 millions were recorded. More than half of the $120 millions in attacks on cryptocurrency that took place in September were against the centralized exchanges BingX & Indodax. During this time, the US Government’s wallet was suspected of malicious activity.
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US Government loses big bucks through Cryptocurrency Hack
Arkham Intelligence’s data showed that on 24 October, a wallet containing cryptocurrency that likely belonged to US authorities was hacked. A wallet containing $20 million dollars was compromised. The money included in this hack was also taken from Bitfinex. Hacker transferred the money into a wallet with the initials “0x348.”
Reports revealed Aave had taken $5.5 Million in USDC, and $1.25 in stablecoin Tether. The assets, along with USDC (a currency which bears interest and represents USDC in Aave’s lending markets), were transferred into the wallet. Also, $446,000 of Ethereum worth was compromised.
Arkham also claims that the hacker began converting the stablecoins to Ethereum. The attacker continued the laundering of money, using addresses likely linked to money laundering businesses.
A transfer of $320,000 Ethereum to an exchange is noteworthy. Ethereum worth $80,000 was split into multiple wallets at the same time. ZachXBT noted on X that Binance was not always the beneficiary of payments. They were sent to an “nested exchange,” Binance can be used as a medium of liquidity.
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Bitfinex Funds – A Look Back
Heather Morgan and Ilya Lightenstein hacked Bitfinex in 2016, and stole over 120,000 Bitcoins, worth approximately $8.2 billion dollars today. These two were the owners of the money. They were both taken in custody by 2022 and are now nearing the sentencing dates for November.
In July 2023 the duo agreed to a plea bargain, admitting that they had been charged with money laundering and conspiracy. Lichtenstein could face up to five years in prison for his role in the cryptocurrency hack. Morgan, however, is asking for a sentence of 18 months.
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Source: watcher.guru
