On May 24th, 2021, Atomic Wallet, a popular multi-cryptocurrency wallet, reported a hack that resulted in the loss of 2.8 million USDT (Tether). The hack was carried out through a vulnerability in the wallet’s infrastructure, which allowed the attacker to gain access to the private keys of the affected wallets.
Atomic Wallet is a non-custodial wallet, which means that users have complete control over their private keys and funds. However, this also means that users are responsible for the security of their own wallets. Atomic Wallet has stated that the hack was not due to any flaw in their software, but rather due to users falling victim to phishing attacks or using weak passwords.
The largest victim of the hack has been identified as Binance, one of the largest cryptocurrency exchanges in the world. Binance reported a loss of 1.2 million USDT in the hack. Other victims include Huobi, BitMax, and KuCoin, among others.
Tether (USDT) is a stablecoin that is pegged to the value of the US dollar. It is widely used in the cryptocurrency market as a means of trading and storing value. The loss of 2.8 million USDT is significant, but it is important to note that it represents only a small fraction of the total supply of USDT in circulation.
Atomic Wallet has stated that they are working with law enforcement agencies to investigate the hack and recover the stolen funds. They have also advised users to take additional security measures, such as enabling two-factor authentication and using strong passwords.
This incident serves as a reminder of the importance of taking security seriously when it comes to cryptocurrency. Users should always be vigilant and take steps to protect their private keys and funds. This includes using strong passwords, enabling two-factor authentication, and avoiding phishing scams.
In conclusion, the reported loss of 2.8 million USDT in the Atomic Wallet hack is a significant event in the cryptocurrency world. While the hack was not due to any flaw in the wallet’s software, it highlights the importance of user security and the need for continued vigilance in the face of evolving threats. Atomic Wallet and other affected parties are working to recover the stolen funds and prevent similar incidents from occurring in the future.
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- Source: Plato Data Intelligence.