Key Takeaways:

Atomic Wallet suffered a major security breach that resulted in a loss of $35 million.

AWC token price dropped nearly 32% since the breach.

NEW DELHI (CoinChapter.com) — Decentralized crypto wallet Atomic Wallet was the victim of an exploit that resulted in users losing about $35 million worth of crypto assets since June 2.

On-chain sleuth ZachXBT shared that the projected losses could total $50 million. On June 3, Atomic Wallet took cognizance of the situation but has yet to ascertain the reason for the exploit.

We are doing all we can to investigate and analyse the situation. As we have more information, we will share it accordingly.

Atomic Wallet tweeted.

However, at the time of writing, the noncustodial crypto wallet platform had not shared any further updates regarding the vulnerability the hackers exploited in the attack.

Several Twitter users reported losing tokens, erased transaction histories, and in some cases, entire portfolios getting wiped out.

ZachXBT noted that several users reported losses of up to 6 figures across different chains. Another on-chain analyst, Tay, advised Atomic Wallet to share the “addresses and transaction hashes” so that users can determine the extent of losses.

Per the data available, Tay surmised that the attacker first drained the tokens and base assets from users’ wallets. Afterward, the hacker swapped the tokens for the base asset via swapping platforms like UniSwap.

Also Read: Bitcoin Price Breakdown Looks Like Real Deal – Bears Target Fresh Lows

Lastly, the attacker sweeps the base asset balance to another new address.

ZachXBT noted that the tokens that the attackers stole included “Bitcoin, ETH, Tron, BSC, ADA, XRP, Polkadot, Cosmos, Algo, Avax, XLM, LTC, and Doge.”

The on-chain sleuth also had a part in recovering $1 million from the hackers with the help of Jito Labs. Furthermore, ZachXBT warned users that several malicious elements were taking advantage of the situation to run a phishing scam.

AWC Price Plummets Following The Attack

The Atomic Wallet Coin, the native token of the Atomic Wallet, saw its price crash nearly 32% following news of the exploit.

AWC price dropped to $0.15 at writing from June 3’s high of $0.22. The token saw a momentary spike on June 4, rising to $0.24, before plummeting again.

The post Atomic Wallet Hacked For $35M, AWC Token Price Drops 32% appeared first on CoinChapter.

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Filed under: Bitcoin - @ June 5, 2023 10:25 am