​Atomic Wallet users lose $35 million in wallet hacks

What’s new? On June 3, cryptocurrencies worth at least $35 million were stolen from Atomic Wallet crypto wallet users, an on-chain sleuth under the nickname ZachXBT reported. According to his data, the largest loss of one customer was $7,95 million in Tether (USDT) stablecoins. That said, ZachXBT suggested that the losses could exceed $50 million as it continues to find new victims of the exploit.

Update: A new largest victim was found on Tron with 7.95M USDT stolen,The five biggest losses account for $17M.My graph has now surpassed $35M in total stolen. pic.twitter.com/eqfXkm9vlL — ZachXBT (@zachxbt) June 4, 2023

What else is known about the hack? While the Atomic team is investigating the cause of the attack. There have been reports of lost tokens, erased transaction history, and the theft of entire crypto portfolios. On June 5, representatives of the wallet said that less than 1% of monthly active users were affected by the exploit. The last fraudulent transaction was confirmed more than 44 hours ago.

The service team collects victims’ addresses and passes them on to major crypto exchanges and analytics companies to track and block the stolen funds.

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.For any questions and concerns, contact [email protected] — Atomic - Crypto Wallet (@AtomicWallet) June 3, 2023

A developer from Turkey, who is a longtime client of Atomic, told Cointelegraph that he lost almost $1 million in cryptocurrencies earned through Bug Bounty programs (paying rewards to “white hat” hackers who discovered a vulnerability in the code of any project). The stolen tokens include BTC, DOGE, LTC, ETH, USDT, USDC, BNB, and MATIC.

According to Emre, the Atomic team told him that they are looking into the case, but they do not have anything concrete yet. He said he was planning to put the funds towards setting up a cybersecurity firm in Turkey.

Atomic is a noncustodial wallet, meaning its users are responsible for the assets stored in the app themselves. Its terms of service do not include any liability for damage to customers. “Under no circumstances will Atomic Wallet be liable to you for damages arising out of the services exceeding $50,” the wallet’s website states.

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According to De.Fi, crypto investors’ losses from hacking and scam in May totaled $54 million, with no refunds made to victims. By comparison, April’s losses were $101,5 million and compensation was $2,2 million.