Atomic Wallet Hack May Have Hit Hundreds of Victims, Total Losses Unknown

June 4, 2023 at 03:10 AM GST 1 min read Blockchain News

Cold wallet app Atomic Wallet users have been hacked for millions of dollars worth of crypto.
On-chain detectives are estimating that the hack has affected hundreds of victims.
The root cause of the hack, as well as the total amount of stolen assets, are still unknown.

A hacker recently targeted Atomic Wallet, draining funds from the cold wallet app’s users. Crypto on-chain detectives are estimating that hundreds of users were affected.

Notable blockchain detective ZachXBT has gotten involved already, and according to him, the root cause of the hack is still undetermined.

Some things to note about this hack.

Largest single victim I have observed is for 2.8M USDT. Multiple other losses for 6 figures across different chains.

Thanks to all of the victims who have messaged me their transaction hash. The root cause is still tbd. https://t.co/4sybXUrXBo pic.twitter.com/or2b3eMvIs
— ZachXBT (@zachxbt) June 3, 2023

However, some have already detected a pattern of how the attacker is liquidating the stolen assets. Specifically, the hacker, who remains unidentified at the moment, is moving the assets from the Atomic Wallet users’ address to a different one, which he then swaps with the base asset via decentralized exchanges such as Uniswap and SunSwap.

Once the asset has been converted, the hacker would move the crypto asset to another new address.

At the moment, the hacker has yet to transfer all the stolen funds to another wallet. Some victims reported that their funds are still in their wallets, although they do not have the means to withdraw them.

Since Atomic Wallet is a multi-chain wallet that supports hundreds of cryptocurrencies, the hacker was also able to get his hands on multiple coins on a variety of blockchains. Some affected users lost millions of dollars worth of crypto, while many have seen six-digit losses.

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