A U.S. government wallet associated with the Bitfinex exchange hack was drained of over $20 million worth of stablecoins in a likely theft. The transfer involved a newly created wallet that received funds from a wallet controlled by the U.S. government, which had been inactive for eight months. Most of the assets moved included significant amounts in stablecoins and Ethereum, which were redirected to exchanges that source liquidity from offshore platforms like Binance. Blockchain analysts expressed concerns over this sudden activity, suggesting it was likely linked to theft rather than lawful activities. The original hack occurred in 2016, with the perpetrators later pleading guilty to money laundering. The recent transactions involved splitting significant amounts into smaller chunks, which were then moved to deposit addresses on exchanges. The situation remains under scrutiny as analysts continue to track the movement of these funds.

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