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Home Crypto Wallets

Investors Have Filed A Lawsuit Against The Atomic Wallet After Having Lost $100Million

Hania by Hania
August 23, 2023
in Crypto Wallets
Reading Time: 2 mins read
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Investors Have Filed A Lawsuit Against The Atomic Wallet After Having Lost $100Million
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  • Cryptocurrency investors have filed a lawsuit against the Atomic Wallet after it lost $100Million in Mid-June
  • Atomic Wallet did not report the incident to the police
  • The managers insist that only 0.1% of the users were affected

Investors who filed a class-action lawsuit against Atomic Wallet claim that they did not report the incident to the police. The plaintiffs include members of the Commonwealth of Independent States as well as high-net-worth investors from Russia.

The lawyers on the case are Max Gutbrod and Boris Feldman. Gutbrod is a German lawyer while Boris is the co-founder of the Destra Legal Firm in Moscow. Gutbrod made it clear that they are representing up to 50 clients who lost a total of $ 12 million when the attack happened. He also said that they are striving to recover the assets their clients lost.

The breach in the Wallet systems took place in mid-June. The management didn’t take the initiative to report the matter to the police. The attack affected up to 5500 accounts that are supported by the wallet. A few firms such as Elliptic managed to trace the culprits. They believe that it was a North Korean group of cyber criminals named Lazarus which has been known for sealing billions in crypto assets.

Also Read: Atomic Wallet Hacked, Users Lost Entire Portfolios

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Investors Have Filed A Lawsuit Against The Atomic Wallet After Having Lost $100Million

New reports have suggested otherwise with Feldman suggesting that a Ukrainian group led the attack. Destra Legal and Match Systems had been carrying out investigations and they linked the attack to a few groups of Ukrainians.

The Probable Causes Of The Attack According To Atomic Wallet

Atomic Wallet said that there were four possible causes of the attack. They included:

  1. A virus located in the devices of the users
  2. A breach in the infrastructure
  3. An injection of malware in the code
  4. A man-in-the-middle attack

It is worth noting that the operations resumed normally after the attack occurred with Atomic Wallet emphasizing how only 0.1% of the users were affected.

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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