A U.S. government wallet connected to the 2016 Bitfinex hack was drained of over $20 million in stablecoins on October 24, 2024. An analyst from Arkham Intelligence identified the movements as likely theft. The wallet's last activity occurred eight months prior when large funds were withdrawn from the lending protocol Aave. Following this, the wallet transferred $1.25 million in stablecoins and substantial amounts of Ethereum to a newly created wallet identified as '0x348.' This new wallet began operating days before the drainage, raising suspicion. Funds moved to instant exchanges linked to Binance, the world's largest crypto trading platform, further complicating the legitimacy of these transfers. Blockchain sleuth ZachXBT characterized the activity as potentially nefarious, indicating possible theft rather than legitimate law-enforcement operations. As of now, the wallet initially seized by the government appears nearly empty, with a mere $127 left, underscoring the successful removal of its assets.

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