Atomic Wallet Freezes $2M in Suspicious Deposits on Exchanges and Web 3.0

Atomic Wallet freezes $2 million in suspicious deposits

Atomic Wallet, a hacked cryptocurrency wallet, has frozen $2 million in “suspicious deposits” with the aid of major crypto exchanges and blockchain intelligence firms Chainalysis and Crystal.

The threat actor reportedly employed sophisticated methods to bridge the funds to the Bitcoin blockchain, including bridges and mixers. Chainalysis and Crystal’s reports showed that most of the funds ended up on the Tron blockchain and Bitcoin network, with the Avalanche bridge being used to transfer the funds to the Tron blockchain.

The development has raised questions about the security of web 3.0 blockchain projects and how artificial intelligence and web 1.0, 2.0, 3.0 timeline will impact business in the future. Investors have also been looking into how they can invest in web 3.0.

Atomic Wallet Acknowledges Centralized Exchanges for Freezing Assets

Atomic Wallet has expressed its gratitude to the centralized cryptocurrency exchanges for taking prompt action to freeze assets related to reported transactions. According to the firm, the fast response and cooperation of the exchanges were essential in reducing the effects of the incident that affected some users.

The wallet company declined to give more information to Cointelegraph regarding the cryptocurrency exchanges that have collaborated with them and froze the funds. A spokesperson for Atomic Wallet stated that “We cannot share the details of the exchanges where funds have been frozen at this stage to maintain the integrity of the ongoing investigation. There has yet to be a timeline for when more information can be provided.”

This news follows the major hack that Atomic Wallet experienced in June 2023, with the platform allegedly losing millions of crypto assets. The firm did not clarify the exact conditions that led to the exploit.

In August, a group of users affected by the breach reportedly launched a class action against Atomic Wallet, which suffered a major security breach and $100 million in losses.

The introduction of Web 3.0, a blockchain-based platform, has the potential to revolutionize the business landscape. Web 3.0 projects in 2021 are focused on leveraging artificial intelligence and blockchain technology to create a more secure, efficient, and transparent system. Investing in Web 3.0 can help businesses to reduce costs and increase efficiency.