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Atomic Wallet exploited, users report loss of entire portfolios

Atomic Wallet exploited, users report loss of entire portfolios

Atomic Wallet appears to have been hacked, with users on Twitter reporting total losses of their cryptocurrency portfolios. Atomic is a noncustodial-decentralized wallet, which means that users are accountable for the assets held in the app.

“We’ve received reports that wallets have been compromised.” We are doing everything possible to investigate and analyse the situation. “As more information becomes available, we will share it,” wrote Atomic’s crew on Twitter on June 3.

A number of individuals commented on the page, stating their monies were wiped out from their digital wallet app. ZachBTX, an on-chain investigator known for tracing stolen funds and assisting compromised projects, is helping with the inquiry. It is unknown how the attack was carried out at the time of writing.

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Twitter users have also alleged that funds on the Atomic Wallet app had previously been stolen. “This happened to my BTC with Atomic 6 months ago. They merely said, “protect your password, seed phrase, blah blah…” I told them that was not even conceivable! All I do is utilise U to exchange and then withdraw crypto. My response to them is that I will no longer utilise you! “I was correct!” said one user in response to the message.

The attack adds to the growing list of crypto hacks that occur every week. On May 28, the Decentralised Finance (DeFi) programme Jimbos Protocol was hacked, resulting in a loss of 4,000 Ether worth around $7.5 million. Tornado Cash, a decentralised cryptocurrency mixer, was also recently compromised. On May 20, an attacker successfully gained control of the protocol’s governance by granting 1.2 million votes to a fraudulent proposal.

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The attack adds to the growing list of crypto hacks that occur every week. On May 28, the Decentralised Finance (DeFi) programme Jimbos Protocol was hacked, resulting in a loss of 4,000 Ether worth around $7.5 million. Tornado Cash, a decentralised cryptocurrency mixer, was also recently compromised. On May 20, an attacker successfully gained control of the protocol’s governance by granting 1.2 million votes to a fraudulent proposal.

According to a Chainalysis research, crypto hackers stole an estimated $3.8 billion last year, primarily through North Korean-linked attackers using DeFi protocols. Another TRM Labs investigation showed that, while the number of incidents stayed constant in the first quarter of 2023, the average hack size fell to $10.5 million from over $30 million in the first quarter of 2022.

“Unfortunately, this slowdown is most likely a short-term respite rather than a long-term trend,” TRM Labs cautioned, adding that a few large-scale attacks might tilt the scales again.

 

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