Fun

News Feed - 2023-08-23 07:08:50

Helen Partz13 hours agoAtomic Wallet faces lawsuit over $100M crypto hack losses: ReportPlaintiffs in a new class-action suit against the hacked crypto wallet Atomic Wallet say the firm didn’t share any information about the hack with clients and didn’t report it to the police.2191 Total views25 Total sharesListen to article 0:00NewsJoin us on social networksA group of disgruntled cryptocurrency investors have launched a class action against Atomic Wallet, which suffered a major breach and $100 million in losses in June.


Dozens of high-net worth investors from Russia and the Commonwealth of Independent States are part of the class action against Atomic Wallet, the German business media agency BNE IntelliNews reported on Aug. 21.


The lawsuit is being coordinated by German lawyer Max Gutbrod and Boris Feldman, a co-founder of Moscow legaltech firm Destra Legal.


Gutbrod, former partner of over two decades at Baker & McKenzie in Moscow, reportedly claimed that the lawyers are representing about 50 clients who lost a total of $12 million in the aftermath of Atomic Wallet’s breach two months ago. He said:“We are working on recovering the assets for our clients and we will be filing a class action against Atomic Wallet [...] They didn’t give our clients any information about the hack or go to the police to report it.”


Atomic Wallet, the noncustodial cryptocurrency wallet, suffered a massive $100-million exploit in mid-June 2023. The breach affected at least 5,500 crypto accounts on the platform. Crypto analytics firms such as Elliptic subsequently linked the heist to the North Korean cybercriminal team Lazarus Group, which is believed to be responsible for stealing billions in crypto through various thefts.


While initial reports blamed Lazarus for the attack on Atomic Wallet, the new claims suggested that there may be another culprit.


According to Feldman’s allegations, it is much more likely that a Ukrainian group had orchestrated the hack. His firm, Destra, has been working on the case with blockchain analytics at Match Systems, which has been working on its own investigation on behalf of the investors.


“They have found traces of involvement of Ukrainian hacker groups,” Feldman reportedly said.


Related:Newly discovered Bitcoin wallet loophole let hackers steal $900K — SlowMist


As previously reported, Atomic Wallet didn’t clarify what conditions exactly led to the exploit in June. The firm only laid out the four most “probable” causes, including a virus on user devices, an infrastructure breach, a man-in-the-middle attack or malware code injection. Atomic Wallet also continued to reiterate that less than 0.1% of app users were affected.


Soon after going through the hack, the cryptocurrency wallet apparently continued operating as usual.


Atomic Wallet did not immediately respond to a request for comment.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: Big Questions: Did the NSA create Bitcoin?# Bitcoin# Russia# Wallet# North Korea# Hacks# RegulationAdd reactionAdd reactionRead moreHow to track and report crypto transactions for tax purposesHow to put words into a Bitcoin address? Here’s how vanity addresses workEU Data Act smart contract ‘kill switch’ brings uncertainty

News Feed

Former World Gold Council Exec Develops New Bitcoin ETF
The former managing director of the World Gold Council and the portfolio manager behind SPDR Gold Shares Jason Toussaint is developing a bitcoin exchange-traded fund (ETF) with boutique asset manager Kryptoin Investment
Despite Warnings from Regulators, the Ethereum Fueled Pyramid Scheme Forsage Thrives
Despite Warnings from Regulators, the Ethereum Fueled Pyramid Scheme Forsage ThrivesWhile Ethereum has seen a number of benefits from the decentralized finance (defi) movement and i
Dogecoin Price Tests Panic Zone At $0.21, Breakdown Could Lead To Price Crash
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Capital One Files Patent for Cryptocurrency Market AI Prediction System
Capital One Files Patent for Cryptocurrency Market AI Prediction SystemMajor U.S. financial services company Capital One has filed a new patent application for a cryptocurrency anal
10 Times US Banks & Politicians Funded Terrorism Without Bitcoin
U.S. Treasury Secretary Steven Mnuchin slandered cryptocurrencies at a press conference earlier this month. Mnuchin attempted to smear the industry with associations to money laundering and funding terrorism. He said he
Nigerian SEC announces new rules, compliance program for digital assets
Amaka Nwaokocha9 hours agoNigerian SEC announces new rules, compliance program for digital assetsWhile this application process is intended to improve compliance, VASPs are directed to complete it no later than 30 days f
Megan Nyvold11 hours agoBlockchains are becoming dollarized: Now what?The merit of stablecoins is that they create demand for the blockchain — driving fees that are necessary to pay for mining, and hence security.703 T
Social Media Users Deride China’s Reported Use of Military Tanks to Intimidate Protesting Bank Customers
Social Media Users Deride China"s Reported Use of Military Tanks to Intimidate Protesting Bank Customers Social media users have slammed China’s reported use of military tan
Miners Have Moved 30% of Their Equipment Out of Kazakhstan, Industry Organization Claims
Miners Have Moved 30% of Their Equipment Out of Kazakhstan, Industry Organization Claims Authorized crypto mining businesses have already taken a third of their coin minting hardwa
Fuzzle NFT Game is Landing on Planet Earth
Fuzzle NFT Game is Landing on Planet Earth press release PRESS RELEASE. PLANET EARTH (April 27, 2022) – Gala Gameshas teamed up with Endless AI to introduce Fuzzle– a
US Government Worried Crypto Can Shift Power to Private Sector
US Government Worried Crypto Can Shift Power to Private Sector Cryptocurrency is one of the top issues for the U.S. Treasury. Particularly, the Treasury is worried decentralized
Terraform Labs may close products, services in bankruptcy wind-down
Derek Andersen4 hours agoTerraform Labs may close products, services in bankruptcy wind-downGet it before Oct. 30, Terraform Labs tells the third parties it is discussion its wind-down with.1573 Total views21 Total share