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Atomic Wallet security breach causes over $35 million in losses

atomic-wallet-security-breach-causes-over-35-million-in-losses
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Atomic Wallet security breach causes over $35 million in losses

Atomic Wallet users have lost over $35 million worth of cryptocurrencies due to a recent security breach on the platform.

Atomic Wallet, a mobile and desktop cryptocurrency wallet, is grappling with a significant security incident. The platform has acknowledged reports of compromised wallets and has initiated a thorough investigation into the matter. 

In a tweet, Atomic Wallet has assured its users that they are actively working to analyze the situation and gather more information.

“We have received reports of wallets being compromised. We are doing all we can to investigate and analyze the situation. As we have more information, we will share it accordingly.”

Statement by Atomic Wallet

Renowned blockchain sleuth @Zachxbt says he has been tracking the transactions associated with the stolen funds from Atomic Wallet. Out of the reported $35 million stolen by the hackers, $1 million belonging to one of the victims has now been recovered, according to the analyst.

According to his analysis, the losses currently stand at $35 million in various cryptocurrencies. The largest individual victim identified thus lost 7.95 million USDT on the Tron blockchain. In total, the five most significant losses accounted for $17 million.

Atomic Wallet’s security team is actively engaged in an ongoing investigation to identify the perpetrators behind the hack and trace the stolen funds. The company claims it has taken steps to report victim addresses to significant exchanges and blockchain analytics services to aid in blocking and recovering the stolen assets.

To mitigate further risks, Atomic Wallet has urged its users to transfer their funds to alternative wallets if they still rely on Atomic Wallet for storage and management. This precautionary measure protects users from potential security vulnerabilities while the investigation unfolds. 

Web3 needs better security measures 

The Atomic Wallet security breach is a stark reminder that even established platforms can face security vulnerabilities. However, recent data from Beosin EagleEye, a blockchain analytics and security platform, indicates a decline in rug pulls and scams within the web3 industry during May 2023. 

The Atomic Wallet hack serves as a reminder that the cryptocurrency ecosystem is not impervious to security threats. As the industry evolves, it becomes increasingly crucial for wallet providers and exchanges to prioritize user security. 

Implementing robust security protocols, conducting regular audits, and fostering transparency are vital steps toward fortifying the ecosystem and safeguarding user funds.