Connect with us


Atomic Wallet Goes Through Lawsuit Due to Losses of $100M in a Crypto Hack

Crypto investors unite in class action against Atomic Wallet after $100M hack. Explore the fallout and investor response here.

ShahZaib Ahmed



monthly price analysis of btc, eth and xrp

A team of irritated crypto investors has filed a class action lawsuit against Atomic Wallet. This development occurred after a huge hack that hit the wallet company back in June. As a result of the respective breach, it has gone through losses of up to $100 million. After that, many high-net-worth investors belonging to the Commonwealth of Independent States and Russia responded to it.

Disgruntled Investors File a Lawsuit against Atomic Wallet, Accusing It of Negligence in the Crypto Heist

They all are included in the class action case confronting Atomic Wallet. IntelliNews (a business media company based in Germany) reported this news on the 21st of August. German lawyer named Max Gutbrod and the Moscow-based legal-tech platform Destra Legal’s co-founder Boris Feldman are also coordinating the lawsuit. Gutbrod, previous collaborator of Moscow-based Baker & McKenzie, reportedly commented on this development.

He stated that the lawyers denote nearly fifty customers who lost a cumulative amount of $12M following the hack. As per him, the petitioners are making endeavors to recover the assets to assist the consumers. In this respect, he added, the submission of a class action case against the wallet provider will be a suitable action.

Also Read: Crypto Miners Trying to Enter Other Business Sectors, Says JPMorgan

Gutbrod also asserted that the platform did not offer any information regarding the breach and even didn’t call the police. Atomic Wallet operates as a non-custodial crypto wallet, which went through a breach impacting approximately 5,500 crypto accounts.

Earlier Claims Blame Lazarus for the Hack but New Reports Say Something Else

Elliptic and other such crypto analytics platforms subsequently associated the hack with Lazarus Group (a cybercrime group in North Korea). The respective group has reportedly played a significant role in diverse thefts, stealing crypto several billions worth. The early reports say that Lazarus has the credit for hacking Atomic Wallet. Nonetheless, the latest claims indicate that the culprit may be some other party.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *