Atomic Wallet Hack Causes Over $35M in Losses

Vignesh Karunanidhi
Atomic Wallet Hack Causes Over $35M in Losses
Source: News

The prevalence of cryptocurrency hacks is a well-known issue. There are consistently a considerable number of innocent investors falling prey to these unscrupulous individuals. These fraudulent activities often take the form of exchange hacks, wallet hacks, or phishing attacks.

In one of the most recent attacks, Atomic Wallet users fell prey to a hack that resulted in the loss of millions of dollars worth of cryptocurrencies. According to the details shared by crypto sleuth ZachXBT, Atomic wallet users cumulatively lost over $35 million worth of crypto assets.

Source: Cryptopolitan

Root cause of the Atomic wallet hack still unknown

ZachXBT shared that the root cause of the hack is still not determined. The wallet team also addressed the community. They stated that an investigation is being carried out to find the root cause of the incident.

ZachXBT’s investigation concluded that a single victim lost over $7.95 million in USDT. Additionally, the five biggest losses account for $17 million. The latest update provided by Atomic Wallet on Twitter reads: “The investigation is still ongoing in a joint effort with the leading security companies. The team is working on possible attack vectors. Nothing yet confirmed.”

The team also stated that its support team is collecting the victim addresses and reaching out to exchanges and analytic firms to trace the stolen funds.