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A hack Caused Users of Atomic Wallet to Lose Their Portfolios

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ByMarcel Bich

Jul 8, 2023
Atomic Wallet hack causes users to lose portfolios
Marcel Bich
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“Wallets have reportedly been breached, according to reports. We are working hard to look into and assess the problem. We will provide information when it becomes accessible as it becomes available, the project team stated on June 3.

Participating in the investigation @ZachXBT, which aids compromised projects in tracking stolen cash, is a well-known on-chain analyst. It is now unknown exactly how the attack was carried out. Additionally, Twitter users noted that this is not Atomic Wallet‘s first occurrence and that similar circumstances have occurred in the past.

“My BTC experienced it six months ago. Atomic only reacted in order to safeguard the recovery phrase and the private keys. I assured them that I would never use Atomic again and said I just used the wallet to trade currencies before withdrawing it. I was right!” one of them wrote.

The Quantity of Hacks Keeps Increasing

The attack on Atomic Wallet was another serious hack that was added to the long list that happens every week. has joined the list of weekly cryptocurrency hacks that are rising. Jimbo’s Protocol suffered a loss of 4090 ETH ($7.5 million) on May 28 due to the attack. 

PeckShield analysts were alerted when the platform security systems were first breached. Before this hacking assault, Tornado Cash, a decentralized cryptocurrency mixer, was used. According to the Chainalysis research, hackers stole $3.8 billion from cryptocurrency projects last year.

According to TRM Labs’ data, there were the same number of occurrences in the first quarter of 2023, but the average damage fell from approximately $30 million in the first quarter of 2022 to $10.5 million. 

The business believes that this reduction is most likely a brief reprieve rather than a long-term trend, and that a number of significant attacks might swing the balance back in the opposite direction.

 
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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.