In short: Digital asset theft from Atomic Wallet users caused a six-figure loss across different chains. The victims have challenged the company’s claims of working with leading security companies. Investigations suggest that the total funds stolen may have surpassed $35 million, with the biggest victim losing $7.95 million in Tether on the Tron blockchain. No compensation plans have been announced yet, and Atomic Wallet is yet to determine the root cause. Previously raised concerns about Atomic Wallet’s vulnerabilities and system design contrasts with the firm’s assurance of a secure wallet.
Our quick analysis:
The crypto community is still reeling from the massive theft of digital assets from Atomic Wallet users, which has resulted in a six-figure loss across different chains. While the wallet service claims that less than 1% of its monthly active users were affected, the estimated total funds stolen may have surpassed $35 million.
Distraught users have taken to social media platforms to vent their frustration, with several challenging some of the Atomic Wallet’s claims. According to pseudonymous on-chain sleuth ZachXBT, the largest amount lost by a user in the hack was $7.95 million in Tether (USDT) on the Tron blockchain. The five biggest losses account for a whopping $17 million.
The Atomic Wallet team has assured users that it is working with leading security companies and has reached out to organizations that can help trace the stolen funds. However, some community members have challenged the claim that the last drained transaction was confirmed over 40 hours ago.
Moreover, concerns about Atomic Wallet's security have been raised in the past. The Berlin-based security consulting firm Least Authority conducted a thorough security audit in March 2021 and discovered several vulnerabilities in the wallet’s system design that put users at significant risk. The report was delivered to Atomic in April 2021, but several issues and suggestions remain unresolved.
The Atomic Wallet hack highlights the importance of vigilance when it comes to securing digital assets. It is crucial to use trusted platforms and to regularly update security protocols to ensure that your funds remain safe.
As of the time of writing, no compensation plans have been announced by Atomic Wallet, leaving affected users in the lurch. It remains to be seen how the wallet service will address the issue and win back the trust of its users.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
The crypto community is still reeling from the massive theft of digital assets from Atomic Wallet users, which has resulted in a six-figure loss across different chains. While the wallet service claims that less than 1% of its monthly active users were affected, the estimated total funds stolen may have surpassed $35 million.
Distraught users have taken to social media platforms to vent their frustration, with several challenging some of the Atomic Wallet’s claims. According to pseudonymous on-chain sleuth ZachXBT, the largest amount lost by a user in the hack was $7.95 million in Tether (USDT) on the Tron blockchain. The five biggest losses account for a whopping $17 million.
The Atomic Wallet team has assured users that it is working with leading security companies and has reached out to organizations that can help trace the stolen funds. However, some community members have challenged the claim that the last drained transaction was confirmed over 40 hours ago.
Moreover, concerns about Atomic Wallet's security have been raised in the past. The Berlin-based security consulting firm Least Authority conducted a thorough security audit in March 2021 and discovered several vulnerabilities in the wallet’s system design that put users at significant risk. The report was delivered to Atomic in April 2021, but several issues and suggestions remain unresolved.
The Atomic Wallet hack highlights the importance of vigilance when it comes to securing digital assets. It is crucial to use trusted platforms and to regularly update security protocols to ensure that your funds remain safe.
As of the time of writing, no compensation plans have been announced by Atomic Wallet, leaving affected users in the lurch. It remains to be seen how the wallet service will address the issue and win back the trust of its users.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!