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Atomic Wallet efforts to track and revert stolen funds

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TL;DR Breakdown

  • Atomic Wallet and blockchain investigators have been working diligently to track and return the stolen funds.
  • The company claims that less than 1% of its monthly active users were affected.
  • Despite the Company’s official announcement, some users were still reporting losses at the time of writing.

A recent hack targeting Atomic Wallet resulted in the theft of $35 million from its users since June 2. However, the company claims that less than 1% of its monthly active users were affected. Following the attack, Atomic Wallet and blockchain investigators have been working diligently to track and return the stolen funds.

Exploiting the situation, several verified scam Twitter accounts impersonated Atomic Wallet and shared phishing links, falsely promising to assist users in recovering their lost funds. Despite Atomic Wallet’s official announcement, some users were still reporting losses at the time of writing. The community criticized the company for downplaying the extent of the damage, as users believed the hacker primarily targeted wallets with substantial funds.

This incident highlights the importance of thoroughly researching and choosing a reliable service provider for the secure storage of cryptocurrency assets. Furthermore, it questions the narrative promoted by many crypto wallet providers, including Atomic Wallet, that emphasizes the need for users to possess control over their private keys to ensure ownership of their coins.

Atomic Wallet hack

According to ZachXBT’s investigation, the largest individual loss in the Atomic Wallet hack amounted to $7.95 million in Tether on the Tron blockchain. The five most significant losses, as reported in the latest update, totaled $17 million.

In a separate incident on June 4, a hacker gained control of pro-XRP lawyer John Deaton’s mobile phone. The hacker then utilized Deaton’s Twitter account to promote LAW tokens. Shortly afterward, Deaton and accounts associated with him alerted users about the hack and advised against investing in the cryptocurrency.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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