We recently reported that some new activity was observed in US-held cryptocurrency wallets.
Approximately $20 million worth of stablecoins were transferred from various US-linked cryptocurrency wallets to a single cryptocurrency address.
Now, the address in question appears to have converted those stablecoins to Ethereum and then transferred them to an exchange linked to money laundering, behavior never seen before from US government wallets.
Cryptocurrency detective ZachXBT also commented on the matter. He also thinks that the movement may have been caused by a hack:
“It looks like they swapped assets + split the funds in a way I've never seen before. It looks like they had bad intentions as the funds immediately went to exchanges.”
In addition, ZachXBT reiterated that the assets in question may have been hacked.
However, the claims have not yet been officially confirmed.
*This is not investment advice.