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Atomic Wallet Loses $35M In Crypto In A Security Breach

Several million dollars in crypto were swindled from the consumers of the popular Atomic Wallet. The developers of the project acknowledged on Saturday that the data of their clients had been compromised. The project plays the role of a crypto wallet that operates on both desktop computers and mobile devices.

Atomic Wallet Sees $35M Stolen in a Crypto Heist Due to a Security Breach

Several platforms, taking into account Linux, macOS, iOS, Android, and Windows are also compatible with the respective wallet. Recently, the developers of the wallet shared an exclusive announcement on its official Twitter channel. They admitted that reports were received by them regarding the account compromises in the case of a little number of consumers.

As per them, they were informed that the wallets were being compromised. Keeping that in view, they claimed to be engaged in the things which are necessary for the investigation as well as the analysis of the respective situation. In addition to this, they also disclosed that further information will be shared with the community in time accordingly.

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More than 100 addresses reportedly got compromised. The compromised addresses included the assets such as Dogecoin, Litecoin, Avalanche, Algorand, Cosmos, Polkadot, Ripple, Cardano, BSC, Tron, Ethereum, and Bitcoin. The initial indications brought to the front that nearly $35M worth of assets got lost. Apart from that, the biggest lost amount was approximately $7.95M in the top stablecoin USDT.

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The on-chain detective platform called ZachXBT also provided insights in this respect. The prominent sleuth revealed the 5 biggest losses with a cumulative amount of up to $17M. Since the private keys of the consumers are locally saved and encrypted on their separate devices, Atomic Wallet thinks that this provides more security to its product. Nevertheless, the exclusive event has proven otherwise.

Indeed, the wallet’s vulnerability became evident in 2021’s February. In that year, Least Authority (an auditing platform) raised cautions. The company stated that the security of Atomic Wallet is insufficient. As per the platform, the wallet was ineffective in shielding the private data as well as the assets of its customers.

A consumer noted in a Twitter post on 3rd June that the entirety of the hard-earned money thereof got vanished from the Atomic Wallet-based address. In addition to this, the user also mentioned in the post that securing the consumers’ assets is the responsibility of the platform. Along with this, the customer also inquired about the possible future of the stolen assets.

The users on Twitter also raised allegations saying that the assets had formerly been stolen on the Atomic Wallet app. While reacting to the post, a person noted on the social media platform that such a situation was experienced by the person 6 months back. The BTC tokens of the user were stolen from the Atomic Wallet address. On this, the user added, the reply just mentioned that the platform was attempting to protect the consumer’s seed phrase, pw, and so on.

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Community Criticizes Atomic Wallet for Liquidity Issues

Atomic Wallet has recently been slashed for providing BEN a meme token developed by Ben Armstrong and BitBoy. Moreover, the platform also experienced liquidity issues in the case of its local token called Atomic Wallet Coin (AWC) as it slumped by up to 8%. At the moment, the platform is surveying the victims. To detect the likely attack vectors, the platform mentioned that its investigation team is partnering with top security companies.


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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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