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atomic wallet security breach: Atomic Wallet faces security breach, loses over $35 million in cryptocurrency

Atomic Wallet, a mobile and desktop crypto wallet allowing users to store various cryptocurrencies, has experienced a security breach and lost over $35 million in crypto assets since June 2.

ZachXBT, an on-chain investigator, has been collecting transactions of funds stolen from Atomic Wallet victims and claimed that over $35 million in cryptocurrency has been stolen as a result of this compromise.

“A new largest victim was found on Tron with 7.95M USDT stolen. The five biggest losses account for $17M,” ZachXBT tweeted. “My graph has now surpassed $35M in total stolen,” it added.

Cryptocurrency exchange Binance, too, highlighted the issue in a note published on its website

“Atomic Wallet boasts a user base of over 5 million individuals worldwide. The platform, which places the responsibility of asset storage on its users, is now facing intense scrutiny due to stolen tokens, erased transaction histories, and even entire crypto portfolios being pilfered,” the note read.

Last week, Atomic Wallet tweeted that they had received reports of compromised wallets and had begun an investigation.

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“We have received reports of wallets being compromised. We are doing all we can to investigate and analyse the situation. As we have more information, we will share it accordingly,” it tweeted.A tweet from the company on Monday said, “At the moment less than 1 per cent of our monthly active users have been affected/reported. Last drained transaction was confirmed over 40h ago.”

Further, it added that the “security investigation is ongoing. We report victim addresses to major exchanges & blockchain analytics to trace and block the stolen funds”.

Last month, a report showed that hackers stole over $400 million from crypto projects in 40 attacks in the first quarter (Q1) of 2023 in the US.

According to blockchain intelligence firm TRM Labs, the amount of funds lost in the first quarter was 70%, down from the same period in 2022.

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