Crypto Heist Alert: Your Atomic Wallet Might Have Vanished 💨
Hold onto your wallets - literally - as we navigate the murky waters of Atomic Wallet's recent exploits (hint: your crypto may have pulled a Houdini 🎩💨).
Hey folks, it's Charles, back at it again, serving up the juiciest bits of crypto news to your inbox. Buckle up, because today, we're going on a wild ride through the tumultuous world of crypto.
Before we plunge into the news, let's pause for a moment to discuss security. This week, we’re excited to announce the beta release of our seed Vault chrome extension from Crypto Asset Recovery.
You can think of it as a password manger for your seeds. Using the power of Shamir Secret Sharing, we fragment your seed phrase into multiple shares that, individually, carry no sensitive data but when combined reveal your seed phrase.
These shares can be safely stored with trusted friends, family, or across various password managers for redundancy. Take a look at the announcement on our twitter below or on our website!
Remember when your wallet was truly yours? We do.
With our multi-sig vault, control is back in your hands. Create, distribute, and manage key fragments - all without third parties. Just security and peace of mind.
— Crypto Asset Recovery (@recover_crypto)
May 29, 2023
Atomic Wallet Exploited: Users Report Complete Loss of Crypto Portfolios
Alright, folks, we've got some concerning news on our hands. Users of Atomic Wallet are reporting the complete loss of their crypto portfolios in what looks like a significant exploit. Now, if you're not in the know, Atomic Wallet is a decentralized wallet boasting over 5 million users. They're scrambling to figure out what's gone wrong as we speak.
Update: The investigation is still ongoing in a joint effort with the leading security companies. The team is working on possible attack vectors. Nothing yet confirmed.
Support team is collecting victim addresses. Reached out to major exchanges and blockchain analytics companies… twitter.com/i/web/status/1…
— Atomic - Crypto Wallet (@AtomicWallet)
Jun 4, 2023
The reports have been flooding in, with digital savings disappearing into thin air. Worryingly, this isn't the first time we've seen concerns about the security of Atomic Wallet. Twitter has been a hive of similar stories in the past.
This Atomic Wallet incident is just another in an increasing line of crypto breaches. Remember Jimbos Protocol and Tornado Cash? Yeah, they were hit too. In Tornado Cash's case, a malicious proposal received 1.2 million votes, giving the attacker total control. It's all very "House of Cards".
The damage from these crypto hacks is no joke. Last year alone, an estimated $3.8 billion was stolen. The main culprits? North Korea-linked attackers. Despite this, we've seen the average size of each hack drop this year - $10.5 million compared to nearly $30 million in Q1 2022. But don't get too comfy, the industry has been warned of a likely resurgence of large-scale attacks.
Let this be a wake-up call, folks. Security in the cryptocurrency space is not to be taken lightly. It's down to us as users to keep our digital wallets safe. Remember, strong passwords and seed phrases are our best defense, and it wouldn't hurt to review the security protocols of your platforms now and then. (Read more: https://cointelegraph.com/news/atomic-wallet-exploited-users-report-loss-of-entire-portfolios)
South Korean Police Bust Two “Crypto Scam Rings” Worth a Combined $350 Million — Crypto Fraud on the Rise?
Now, from digital wallets to digital scam rings. South Korean Police are laying down the law, having just busted TWO crypto scams worth $350 million combined. One was an online marketplace peddling "virtual fashion items" like hanbok and kimono pieces. They hooked victims with promises of 3–16% returns per day. A classic tale of too good to be true. The other scam had a smooth operator in Gangnam trying to con investors out of $27 million with grand tales of a company with bases in 23 countries. Looks like crypto fraud is climbing, but rest assured, the law ain't gonna sit back and watch. (Read more: https://cryptonews.com/news/s-korean-police-bust-two-crypto-scam-rings-worth-combined-350m-crypto-fraud-rise.htm)
The Flippenings: Bear to Bull Market and Ethereum NFTs to Bitcoin Ordinals
Let's shake off that grim news and talk about something a bit more uplifting, shall we? Looks like the crypto and NFT bear market might be on the way out. After a gruelling year, China and Russia are embracing the crypto and NFT scene. The buzz is building for NFTs, with Bitcoin leading the charge, especially with its 10 millionth Ordinal.
What's more, we're seeing the development of new token standards to bridge Ethereum and Bitcoin. Add that to the rise of gaming, DMarket, and other projects, and we've got a serious NFT revolution brewing. These projects have shot the NFT market into the top five for the past week, and it's showing no signs of slowing down. With $OXBT now held by more wallets than any other token except BTC & Satoshis, it seems like the flippening is legit! Better dust off those investors' caps, folks. This could be big! (Read more: https://finance.yahoo.com/news/news/flippenings-bear-bull-market-ethereum-190425676.html)
Bitcoin: The Calm Before the Storm?
So what about the old stalwart, Bitcoin? Known for its wild price swings, it's been keeping things surprisingly chill recently. Its annualized volatility rate of 32% is currently lower than tech giants like Amazon and Meta. This is probably due to the summer lull, a period of lower trading volume.
Seasoned traders, however, aren't losing any sleep. They know low volatility is just a reflection of current market conditions. Laura Vidella from LedgerPrime predicts the rollercoaster ride will resume this fall. Maelstrom co-founder Arthur Hayes is even talking about the "real bitcoin bull market" starting in late Q3 or early Q4. Will that be the storm these traders have been anticipating? Guess we'll just have to wait and see! (Read more: https://www.theblock.co/post/232996/bitcoin-is-now-more-stable-than-amazon-and-meta-shares-amid-uncommonly-low-volatility?utm_source=cryptopanic&utm_medium=rss)
Ethereum ICO Participant Wakes Up After 8 Years, Sits On $15 Million
Lastly, let's take a moment to talk about one lucky Ethereum ICO participant. After an 8-year nap, this sleeping giant woke up to find they were sitting on a whopping $15 million! They initially invested $2,500 into 8,000 Ether back in 2015. Now, they're looking at a mind-blowing 591,900% return on investment!
We're left in suspense as to what they'll do next, as the funds have been transferred to another wallet with limited transaction history. Interestingly, another dormant wallet made a big move shortly before this. Similar situations have unfolded in the past, so we'll be watching this space closely. (Read more: https://www.theblock.co/post/232424/dormant-15-milllion-wallet-from-ethereum-ico-wakes-up-after-eight-years?utm_source=cryptopanic&utm_medium=rss)
What did you think of this weeks edition?