Stolen cryptocurrencies from Atomic Wallet users are already on the move to mixers, according to Elliptic.
Blockchain compliance analytics firm Elliptic has revealed that funds obtained from the $35 million hack of Atomic Wallet have been flowing into the crypto mixer Sinbad.io. Elliptic’s Investigations Team has tracked the movement of these illicit funds and noted that Sinbad.io has been favored by North Korea’s infamous cyber-hacking group, Lazarus Group. The mixer has reportedly been used in the past to launder over $100 million in stolen cryptocurrency.
The Atomic Wallet hack involved the theft of $35 million in crypto assets. The funds have now found their way into Sinbad.io, a popular choice for money laundering by Lazarus Group. Elliptic’s findings shed light on the illicit activities associated with the hacking group, which has a reputation for targeting various industries and engaging in cybercrime to fund its activities.
The involvement of Sinbad.io in the laundering of stolen funds highlights the importance of tracking and monitoring cryptocurrency transactions for compliance and security purposes. This incident underscores the ongoing challenge of preventing and addressing cybercriminal activities in the crypto space.
On June 3rd, a security breach at Atomic Wallet led to the compromise of several user accounts, resulting in losses estimated to be around $35 million. However, the company downplayed the incident, stating that the attack affected less than 1% of its monthly active users. While the exact details of the breach are not provided, it highlights the ongoing risks and vulnerabilities associated with the storage and management of cryptocurrencies.
Atomic Wallet is taking steps to address the breach and protect affected accounts, emphasizing the importance of strong security practices in the crypto space.
The theft of over $35 million worth of cryptocurrency from Atomic Wallet is a major security breach. It is important for cryptocurrency users to be aware of the risks of cyberattacks and to take steps to protect their funds.