US Government Wallet Unexpectedly Transfers Over $20 Million to Binance

A cryptocurrency wallet, believed to be owned by the U.S. government, has recently exhibited suspicious transactions totaling $20 million. According to data from the analytics platform Arkham, after eight months of inactivity, the wallet suddenly “woke up” on October 24 and executed a series of fund transfers.

Initially, the assets were moved to a new wallet, which then transferred them to an address identified by Arkham as a “Binance deposit wallet.” The specific amounts withdrawn include:

• Nearly $500,000 in ETH
• 2.5 million USDT
• Over 19 million USDC

Currently, the wallet still holds $13.1 million. Arkham Intelligence is actively monitoring related transactions to clarify the nature of these movements.

Notably, the funds in this wallet originate from seizures related to the Bitfinex hack, one of the largest cryptocurrency thefts in history. Shortly after the withdrawals, there were signs of a rapid sell-off of the ETH, raising concerns about potential money laundering.

Related: Donald Trump Advises the US Government Not to Sell Bitcoin

Prominent blockchain analyst ZachXBT quickly launched an investigation. According to his assessment, this is likely the result of a hack rather than an official action by the U.S. government. The incident is causing a stir in the cryptocurrency community and has garnered significant attention from experts.