On October 25, COINOTAG disclosed that an unauthorized transfer of **stolen funds** from governmental sources was detected, specifically linked to an address beginning with **0x348**. Remarkably, a portion of the converted **stablecoins** was exchanged for **2,709 ETH**, valuing approximately **$6.08 million**. This **liquidity movement** raises concerns about blockchain security, as the liquidated ETH was subsequently dispersed across **Binance** and two other unexplored addresses. Currently, the hacker’s wallet retains a significant balance of **$13.2 million** in **AUSDC**, further indicating the scale of the malfeasance. This incident highlights the urgent need for enhanced vigilance within the **cryptocurrency ecosystem** to safeguard against such breaches and facilitate improved regulatory frameworks. Investors should remain informed about these developments to navigate the implications for overarching **crypto market stability**.
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