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The Atomic Wallet Hack has Generated $100 Million

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Jul 12, 2023
The Atomic Wallet Hack has Generated $100 Million

The amount of bitcoin lost as a result of the breach of the Atomic Wallet wallet tripled and surpassed $ 100 million. Elliptic, a British on-chain business, reported on this on their blog. According to their estimations, the hack affected about 5,500 wallets. The magnitude of the losses is mounting, but the creators of Atomic Wallet have yet to explain the nature of the problem, according to observers.

Elliptic claims to be collaborating with other on-chain investigators and cryptocurrency exchanges in order to hunt down stolen funds. Analysts observed that as a result of collaborative efforts, $ 1 million in stolen cryptocurrencies might be frozen.

Attackers, on the other hand, are not idle. According to specialists, as a result, hackers from the North Korean outfit Lazarus outfit sought to launder stolen funds through the sub-sanctioned Russian cryptocurrency exchange Garantex.

About the Hack

Elliptic previously discovered that the attackers are laundering stolen money on Garantex in return for bitcoin (BTC). According to the transfer history, the stolen cryptocurrency worth $100,000 was converted first through the decentralized converter 1inch, and then in the stablecoin tether (USDT) was inserted into three deposit addresses of the Russian crypto exchange. Garantex gathers data for client verification in accordance with the exchange’s user agreement. However, it is unclear if the Bitcoin would be used to create false passport data.

According to Ellitpic, the only thing known is that the exchange did not prevent the North Korean attackers from laundering the money, because bitcoin from the exchange continues to flow to the addresses of the sub-sanctioned Sinbad mixer, which was previously used by the Lazarus Group. Garantex declined to comment on claims of involvement in bitcoin laundering for the North Korean authorities.

Atomic Wallet users have reported the entire loss of bitcoin saved in the wallet in early June. According to the wallet developers, the amount of stolen cryptocurrency accounted for around 1% of all assets kept on Atomic Wallet.