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A wallet linked to the US government has recovered $19.3 million of the $20 million lost in a hack last week. The recovery was made in just 24 hours, with about 88% of the lost funds recovered. Crypto analytics firm Arkham announced on Friday that it had recovered a significant portion of the wallet in a post on social media platform X.
The wallet, linked to the US government, reportedly lost $20 million in crypto funds on October 24, including 14 million AUSDC stablecoins, 5.4 million USDC, 1.1 million USDT, and $500,000 worth of ETH. The funds had not been moved for a long time, but the movements on October 24 are thought to indicate malicious activity. Arkham and crypto analyst ZachXBT found evidence that cryptocurrencies were being laundered by transferring funds to non-custodial applications.
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The stolen funds were linked to the 2016 Bitfinex hack, which resulted in the crypto exchange Bitfinex losing approximately 120,000 BTC. The funds recovered by the US government were linked to official seizures related to the hack.
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