Atomic Wallet Facing $100M Crypto Hack Lawsuit

Atomic Wallet Class Action: 50 Investors Claim $12 Million Loss

Dozens of high-net worth investors from Russia and the Commonwealth of Independent States have joined forces in a class action against Atomic Wallet, which suffered a major breach and $100 million in losses in June. The lawsuit is being coordinated by German lawyer Max Gutbrod and Boris Feldman, a co-founder of Moscow legaltech firm Destra Legal.

Gutbrod, a former partner of over two decades at Baker & McKenzie in Moscow, reportedly stated that the lawyers are representing around 50 clients who lost a total of $12 million in the wake of Atomic Wallet’s hacker ai attack two months ago. He said:

Exploring the Atomic Wallet Exploit

In mid-June 2023, Atomic Wallet, a noncustodial cryptocurrency wallet, suffered a massive $100-million exploit. At least 5,500 crypto accounts were affected by the breach, and crypto analytics firms such as Elliptic linked it to the North Korean cybercriminal team Lazarus Group, which is believed to have stolen billions in crypto through various thefts.

However, new claims suggest that a Ukrainian group may have been behind the attack. Destra, a firm working on the case with blockchain analytics from Match Systems on behalf of the investors, has reportedly found traces of involvement from Ukrainian hacker groups.

In order to understand the implications of this exploit, it is important to look at the fundamentals of blockchain and Web 3.0, as well as the best Web 3.0 crypto coins and the use of Artificial Intelligence (AI) in media and business. AI apps and hacker AI are also important to consider when looking at the impact of the Atomic Wallet exploit.

Exploring the June Exploit of Atomic Wallet

In June, Atomic Wallet experienced an exploit, but the company didn’t specify the exact conditions that led to it. The most likely causes included a virus on user devices, an infrastructure breach, a man-in-the-middle attack, and malware code injection. Despite the hack, Atomic Wallet continued to operate as usual and affected less than 0.1% of app users. The company did not respond to a request for comment.

Atomic Wallet’s hack highlights the importance of blockchain and Web 3.0 technologies. Blockchain fundamentals for Web 3.0, best Web 3.0 crypto coins, and AI for media can help protect user data and prevent similar exploits. Companies can also leverage AI business and AI in media to create secure and user-friendly apps.