Atomic Wallet experiences a security breach resulting in a significant loss of more than $35 million worth of cryptocurrency.

Atomic Wallet, a popular mobile and desktop crypto wallet catering to users storing diverse cryptocurrencies, recently encountered a significant security breach resulting in a loss of more than $35 million worth of crypto assets since June 2.

ZachXBT, an expert in on-chain investigations, has diligently gathered transaction data related to the funds stolen from victims of Atomic Wallet. Shockingly, the compromised security measures have led to the theft of over $35 million in cryptocurrency. ZachXBT tweeted, "A new victim, the largest thus far, has emerged on Tron with a staggering $7.95 million in USDT stolen. The total sum of the five largest losses reaches $17 million. My graph now exceeds a total of $35 million in stolen funds."

Recognizing the severity of the situation, cryptocurrency exchange Binance also addressed the issue in a notice published on its website.

Atomic Wallet, boasting a user base of over 5 million individuals worldwide, places the responsibility of asset storage on its users. However, due to stolen tokens, erased transaction histories, and even complete pilfering of crypto portfolios, the platform now faces intense scrutiny. In response to reports of compromised wallets, Atomic Wallet took to Twitter last week, stating, "We have received reports of compromised wallets. We are actively investigating the situation and analyzing it. As soon as we obtain further information, we will share it accordingly."

In a tweet on Monday, the company provided an update, stating, "Currently, less than 1 percent of our monthly active users have reported being affected. The most recent drained transaction was confirmed over 40 hours ago." Atomic Wallet also mentioned that the ongoing security investigation involves reporting victim addresses to major exchanges and utilizing blockchain analytics to trace and block the stolen funds.

A report from last month revealed that hackers managed to pilfer over $400 million from various crypto projects in the United States through 40 separate attacks during the first quarter (Q1) of 2023. However, the total amount lost during this period was 70 percent lower than that of the same timeframe in 2022, as reported by blockchain intelligence firm TRM Labs.

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