Atomic Wallet Provides Significant Update on Hack, Yet Lingering Questions Remain

Atomic Wallet, the decentralized wallet provider, has released a comprehensive “event statement” addressing the June exploit that resulted in potential losses of up to $100 million. However, despite the update, users are still seeking further clarification and answers to lingering concerns.

In a blog post on June 20, Atomic Wallet stated that no new confirmed cases of the hack have been reported since the initial reports. The company reiterated its previous claim that “less than 0.1%” of app users were affected, a statement that has faced skepticism from many in the online community.

https://twitter.com/AtomicWallet/status/1671574475312177161

While Atomic Wallet outlined four “probable” causes for the exploit, including a virus on user devices, an infrastructure breach, a man-in-the-middle attack, or malware code injection, it did not confirm any of these scenarios as the definitive cause. The company did, however, emphasize that its security infrastructure has been updated.

Atomic Wallet also mentioned that it is actively working on an app update to enhance security, which has been verified by external auditors. However, concerns have been raised regarding the identity of these auditors and the availability of their statements for users to review.

Industry experts and users have raised questions about Atomic Wallet’s need for a security infrastructure update and the events that prompted this measure. The wide range of possibilities presented by the company has led some to believe that a clear understanding of how the exploit occurred is still lacking.

Regarding the investigation into the hack, Atomic Wallet stated that it has observed instances of fund laundering and mixing, with most of the funds remaining traceable. The company has enlisted the assistance of blockchain analytics firms Chainalysis and Crystal Blockchain, but specific details and findings have not been disclosed.

https://twitter.com/AtomicWallet/status/1671574475312177161

When contacted for clarity on certain aspects of the statement, Atomic Wallet and Crystal Blockchain were unavailable for immediate comment, while Chainalysis stated that it cannot provide information on its work related to Atomic Wallet.

As users anxiously await further updates, the unresolved questions surrounding the Atomic Wallet hack continue to cast doubt on the full extent of the incident and the security measures taken by the wallet provider.

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