Atomic Wallet Safeguards $2 Million on Crypto Exchanges Following $100 Million June Hack

Atomic Wallet Freezes $2 Million on Crypto Exchanges Following $100 Million Hack

Atomic Wallet has taken action to freeze $2 million worth of cryptocurrency on centralized exchanges after hackers stole over $100 million from its users in June. The non-custodial decentralized wallet company has faced criticism for not providing sufficient details about the attack, which experts believe was carried out by the Lazarus Group, a North Korean hacker collective.

Elliptic Estimates Over $100 Million Stolen

Blockchain analytics firm Elliptic has independently tracked the compromised crypto wallets and estimates that the hackers made off with more than $100 million worth of cryptocurrency. In addition, a group of Russian investors has launched a class-action lawsuit against Atomic Wallet, claiming that the company failed to provide information about the hack or report it to the police.

$2 Million Frozen but No Details on Recovery

Atomic Wallet has managed to freeze $2 million of the stolen funds. The company credits this achievement to cooperation within the crypto community. However, Atomic Wallet has not disclosed any information regarding the potential recovery of the remaining $98+ million in stolen cryptocurrency.

Hackers Utilized Bitcoin and Tron Blockchains

The blockchain analysis firms hired by Atomic Wallet have reported that the stolen funds were transferred to the Bitcoin blockchain and then sent through a mixer before ultimately ending up on both the Tron blockchain and Bitcoin network.

Hot Take: Atomic Wallet Takes Steps to Minimize Losses After Major Hack

Atomic Wallet’s decision to freeze $2 million on centralized exchanges is an attempt to mitigate the damage caused by a massive hack that resulted in over $100 million being stolen from its users. While this action demonstrates some level of resilience and unity within the crypto community, there are still concerns about the recovery of the remaining stolen funds. Atomic Wallet’s cooperation with law enforcement agencies and the involvement of blockchain analysis firms are positive steps towards investigating and potentially retrieving the stolen cryptocurrency. However, it remains to be seen whether the company will be able to fully recover from this incident and regain the trust of its users.