There has been some backlash online against Atomic Wallet after the company released a statement last week that lacked details regarding the recent theft of its users’ funds.
According to the non-custodial decentralized wallet company, the hack only affected “less than 0.1%” of its app users.
However, the statement did not disclose the total amount of funds stolen, the identity of the hackers, or any specifics about how the attack occurred.
“The team has researched various potential causes, the most probable of which are virus targeting on local users’ devices, infrastructure breach, malware code injection, or a man-in-the-middle attack. At the moment, none of the possible issues are confirmed as potentially causing massive breaches, as such types of attacks are very hard to recognize.”
According to Elliptic, a blockchain analytics and compliance company, over $100 million worth of cryptocurrency was stolen from compromised wallets.
Elliptic also conducted an investigation that points to North Korea’s state-sponsored hacking group, Lazarus Group, as the one responsible for the theft.
Atomic, in its recent statement, did not provide any details about its reimbursement plan for customers but did mention that they are collaborating with blockchain analysis firms Chainalysis and Crystal to locate the missing cryptocurrency.
“Our top priority is to help as many affected users as we can. We are actively working with crypto incidents investigators and authorities. The next step will be working on a legal framework for seizing frozen deposits and distributing them among affected users.”
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In his latest newsletter, Real Vision CEO Raoul Pal anticipates that cryptocurrencies will emerge as the top-performing asset class due to the sustained increase in global liquidity.
Pal, a macro guru and former executive of Goldman Sachs, suggests that cryptocurrencies may surpass the performance of Exponential Age stocks and tech company equities.
“Since last October, we have been suggesting that the two fastest horses in this race (the debasement and liquidity cycle) will be crypto first, followed by Exponential Age stocks and then tech. It is playing out perfectly.”
