Bitfinex Hack Wallet Moves $20M

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The one thing I see getting hacked a lot these days is crypto and it's sad that this is the case because the media will project it and that'll put fear in the hearts of people. This is not good for crypto adoption at all.

Another hack has happened and this time it's a government crypto wallet, damn these hackers don't play at all, they can take it all the way to the government.

A U.S. government crypto wallet linked to a 2016 Bitfinex exchange hack has just lost over $20 million in a suspected theft. The wallet transferred some stablecoins and some Ethereum tokens to a new address.

Even before those transfers happened, analysts noticed unusual withdrawal activity from the lending platform Aave. On this platform funds had been inactive for about eight months. The transfer included $1.25 million of Tether and $5.5 million of USDC and $446,000 worth of Ethereum.

When it happened, Blockchain investigator ZachXBT called the activity very suspicious and that suggested that it was likely a theft.

The Bitfinex hack involved a couple who later pleaded guilty to money laundering. The U.S. authorities seized $3.6 billion worth of digital assets from the couple.

But now these recent transfers are making people question whether the funds that the US authorities seized were secured or not. There's a chance more fraud will occur with that money and I think analysts should check which authorities seized the money because they could also be involved in the whole thing.

Let me share this video with you, this Bitfinex Hack happened a while ago but things are still not looking like they've been resolved.