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Sunday, June 4, 2023

Atomic Wallet Got Hacked - Coin Wipeout

Reports have emerged indicating that Atomic Wallet has fallen victim to an exploit, resulting in users experiencing significant losses of their cryptocurrency holdings. Atomic Wallet is a decentralized, noncustodial wallet, meaning that users bear the responsibility for safeguarding their assets within the application.

Addressing the issue, the Atomic Wallet team shared in a tweet on June 3, "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."

Numerous users have commented on the post, disclosing their own losses and asserting that funds have vanished from their digital wallet app. Notably, ZachBTX, an on-chain investigator known for tracing stolen funds and assisting hacked projects, is participating in the investigation. Presently, it remains unclear how the attack was executed. Atomic Wallet boasts a user base of over 5 million individuals.

Twitter users have previously reported instances of funds being stolen from the Atomic Wallet app. One user responded to the post, saying, "This happened to my BTC 6 months ago with Atomic. They simply replied back to protect your password, seed phrase, blah blah... I told them it's not even possible! All I do is use them to exchange and then move crypto out. My response to them: I will no longer use their services! Now I have been proven right!"

This incident adds to the ever-growing list of cryptocurrency hacks occurring with alarming frequency. Just recently, on May 28, the decentralized finance (DeFi) app Jimbos Protocol fell victim to an exploit, resulting in the loss of 4,000 Ether, valued at approximately $7.5 million. Additionally, Tornado Cash, a decentralized crypto mixer, was recently targeted by hackers. On May 20, an attacker successfully manipulated the protocol's governance, granting themselves 1.2 million votes and gaining complete control.

According to a Chainalysis report, crypto hackers stole an estimated $3.8 billion last year, with North Korea-linked attackers primarily exploiting DeFi protocols. Another analysis by TRM Labs revealed that although the number of incidents remained consistent in Q1 2023, the average hack size dropped to $10.5 million compared to nearly $30 million in Q1 2022.

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