- Atomic Wallet filed to dismiss a class action suit seeking damages from the $100M hack
- A hacker accessed Kronos' API keys and stole $25 million, firm suspended trading
The increasing number of crypto hacks has compelled crypto traders and investors to carry out extensive research into any investment projects they may be considering. Just today, Cointelegraph reported developments surrounding two hacks that inflicted a total of $125 million in damages.
Atomic asked to dismiss class action suit
The Estonian founder of Atomic Wallet filed to dismiss a class action suit seeking damages from the $100 million hack, insisting the plaintiffs should have filed claims in Estonia, as that’s where the company is based.
The firm claims it has no connections with the US and that according to its end-user license agreement, any legal claims against it should be filed in Estonia. Atomic insists that it had only one affected user in the US.
Firm claims lack of legal obligation to protect users
A total of 5,500 users are allegedly affected, all of whom consented to Atomic’s terms of service, which limit damage claims to $50 per user and disclaim liability for losses due to theft. The company argues that it never assumed a legal obligation to protect Atomic Wallet from hackers or take any other security measures.
Both Ukrainian and North Korean groups have been blamed for the $100-million exploit on Atomic Wallet, which took place in June.
Kronos suspended trading on its platform
A hacker accessed Kronos Research’s API keys and stole $25 million on November 19. The quantitative trading firm suspended trading thereafter. The money was siphoned away into six crypto wallets the hacker owned.
The company anticipates positive developments, assuring its users that the losses do not form a significant portion of its capital and it intends to relaunch trading as soon as possible.
Last quarter was the most damaging for crypto
According to data from blockchain sleuth CertiK, the third quarter of 2023 has been the most painful for crypto. The most common techniques used to steal funds were rug pulls, private key exploits, and oracle manipulation.
Crypto worth more than $700 million was lost to such security incidents, which is more than the combined losses in the first and second quarter of the year – $320 million in the first quarter and $313 million in the second.
