In a baffling twist, most of the $20 million drained from a U.S. government-controlled crypto wallet was returned early Friday, adding intrigue to what blockchain analysts have flagged as a suspicious, high-profile theft. The drained funds, originally seized by the U.S. Department of Justice two years ago in connection with the 2016 Bitfinex hack, were mostly sent back to the wallet, according to on-chain data from Arkham Intelligence.
Around $19.3 million in Ethereum and USDC were returned, leaving roughly $1.2 million still missing. The funds had been moved across decentralized finance platforms, engaging instant exchanges, in what appeared to be an orchestrated series of transfers. Blockchain sleuth ZachXBT had noted the transaction pattern resembled that of a bad actor.
Shortly after the returned funds arrived, more funds began flowing to a new wallet, raising further questions about the intent behind the transfers. The government’s use of decentralized platforms such as Aave, and test transfers of small amounts of crypto, drew attention to the evolving tactics in handling large-scale crypto assets.
Blockchain analytics firm Global Ledger reported that stablecoins were swapped for Ethereum through decentralized exchanges like Uniswap and aggregator 1inch, with Ethereum sent to various deposit addresses, including those linked to Binance. These moves echo past warnings about the risks of nested exchanges, often favored by cybercriminals for their lack of security.
As of now, the U.S. government’s crypto wallet is still short $1.2 million, with the case continuing to raise eyebrows across the crypto community.
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