US government moves $20M in crypto after 8 months of inactivity.

Key receivers

The US government has moved $20 million into crypto after eight months of inactivity. The transactions involve withdrawal from Aave in both USDC and USDT.

Share this article

The US government transferred more than $20 million in funds, according to information from Arkham Intelligence.

~$20M in US government assets moved to new address pic.twitter.com/MXgi9mderO

— Arkham (@ArkhamIntel) October 24, 2024

A wallet named as a US government-controlled address containing Bitfinex's seized funds has shown activity for the first time in more than eight months.

Looking at transactions through the Arkham Intelligence platform, the US government-linked wallet first withdrew $5.45 million USDC from Aave. Shortly after, another transaction took $1.12 million from the platform.

Within minutes, nearly $20 million in total assets were moved to a new address, sparking further speculation.

In Arkham, the wallet that was revealed to be holding funds tied to the Bitfinex hack was under government control and closely monitored. A sudden and significant asset movement, especially after months of inactivity, indicates that these holdings may be reorganized.

These transactions raise many questions about the motives behind the US government's wallet movement, why they are using DeFi services like Aave, a platform known for facilitating decentralized lending and borrowing.

Share this article