Atomic Wallet Review – Mass Hacking Leads To Outrageous $35 Million Loss

A massive security breach or an internal affair that cost the customers a total of $35 million? What’s it gonna be, Atomic Wallet? 

It seems that this unregulated exchange has been struggling with their slim security measures for a couple of years now. It just had to escalate at some point. The question is: who is really to blame? Read this Atomic Wallet review entirely and we will tell you. 

For starters, we’d like to introduce Atomic Wallet to our respective audience. Back in 2017, when crypto exchange still wasn’t fully regulated, Atomic Wallet emerged. Established by Konstantin Gladych and Charlie Shrem, this exchange was supposedly registered in Estonia. The purpose was to allow buying, staking and exchanging crypto. However, whether that’s true or not, the question about the regulation and proper license still stands. So read on as we search for what is really behind all this charade.  

Is Atomic Wallet safe?

The recent scandal which led to a loss of millions of dollars certainly suggests that this platform is not in the least safe or secure enough. We’d definitely support that assumption, given the fact that Atomic Wallet doesn’t provide any information about their legal status. 

While the website claims the company is registered in Estonia, we found no clues about it. According to the European Business Registry Association, EBR in Estonia operates through the Centre of Registers and Information Systems of the Republic of Estonia. However, Atomic Wallet, with their registry number, does not appear in the search results there. 

Neither are they found on the financial regulator’s database of licensed financial entities. FINANTSINSPEKTIOON allows you to look through their register of regulated bodies and Atomic Wallet doesn’t show up there, all search filters included.

This inevitably leads us to the single conclusion of this website not being properly protected and regulated. Because they do not implement the highest security measures dictated by Tier 1 licensing institutions, Atomic Wallet is experiencing problems every so often. It appears the security issues started back in 2021, when a significant number of users reported their funds were whipped out right from their wallets.

The occurrence of users losing their funds mysteriously has been happening ever since the company started offering their services. Atomic Wallet, by all means, fails to adequately protect their users and the funds. Such circumstances have led to the recent fiasco which Atomic Wallet has labeled as a security breach in the form of hacking. 

The criminals engaged in this action have snatched more than $35 million from the customers. The biggest single loss amounted to a little over $7 million. Was this really the work of an external enemy or Atomic Wallet owners themselves, or whoever runs the exchange? Time will tell. It’s all the same for the investors that have lost entire life-savings. 

For now, be wary of crypto scams in any form, as there’s countless ones going out there. If you truly wish to invest in digital coins without worry, you should only choose regulated service providers.  

Atomic Wallet Countries of Service

The recent breach of Atomic Wallet’s security measures is not the first such incident this firm and their clients had to cope with. Nevertheless, the company was well trusted on an international scale, and they have been conducting a successful business since 2017 on a global scale.

This is why it’s exceedingly important for any exchange to be properly regulated. Now that the money is gone, the victims of this mass hack have nowhere to go, as they cannot rely on insurance to reimburse their losses. It’s a sad affair either way, and we do not see how Atomic Wallet could recover their reputation after this scandal.

Most of Atomic Wallet’s clients reside in one of these nations:

• United States
• United Kingdom
• Germany
• Canada
• France

What Do The Traders Have To Say About Atomic Wallet?

When we look up the client testimonials about Atomic Wallet, we can see that the users of this platform are very satisfied overall. A large majority of clients gave them an excellent score of 5-stars, and the representatives of Atomic Wallet regularly respond to most of the reviews.

We can’t really ignore the past and the most recent problems with the company… Lately, all of the clients have posted their reviews to serve as a public bulletin board, warning others to withdraw their funds before another hack happens.

Let’s have a look at some of these mixed reviews:

Best wallet going. I made a bonehead error and could have lost a lot of money. Not with Atomic, they helped me recover my funds in three days. Coinbase has been over a month to reset my sms#. All my transactions have been fast and efficient.

Little slow or trading and such. Rest is great. Could use a few UI options to make it a bit more customizable like Exodus does. It’s not necessary but nice to have.

The wallet is not secure.
They do not want to take responsibility for what is happening. Almost all the money was taken from my wallet. Major currencies have withdrawn everything. My loss is 30.000$

Things You Need To Know 

Besides the claims of not charging extra fees, Atomic Wallet isn’t overly transparent about their conditions of exchange. Such lack of transparency vaguely reminds us of another unregulated crypto exchange – KoinDeFi. 

However, the company does declare itself as not obligated to pay the mining fees and transaction costs. These are entirely the responsibility of the client. The rates and the buying services are powered by a third-party provider, which, in its own sense, could be unreliable and risky to use. 

When we wanted to download the platform to our desktop machine and read the values and trading costs from inside of it, we first had to enter an email for subscriptions. But then the download was never initiated. It could be, due to the recent events, that Atomic Wallet is preventing newcomers from joining at the current time. 

Atomic Wallet Features

With years of excellent service, this Exchange has grown to become a powerhouse in the industry. Currently, they provide the ability to purchase or sell Cryptocurrencies, as well as exchange different Crypto coins. 

One of the more prominent features is the Stake option, which allows you to stake your Cryptocurrencies and receive revenue based on the price change. This would be a good opportunity for an investment in the Crypto market, were it not for the security lapses this Exchange has displayed in the past.

Available Software – Supported Devices by Atomic Wallet

Atomic Wallet uses their own proprietary software for all the features. The application in question holds the same name as the company propper, and receives regular updates. Quality of the software notwithstanding, some cybersecurity experts have been posting warnings online about the poor security of this application.

Even as flawed as it is, it could still be more functional than what some of the regulated exchange platforms offer, like GSTrade, for example. Unfortunately, we weren’t able to download the software at the time of writing this review. 

The main security feature of the Atomic Wallet is that the wallet keys are stored locally on the device, with one side encryption and no MultiSig. It is exactly this flaw that has been exploited time and time again by different groups of hackers.

Atomic Wallet applications can be run on most current operating systems, including Windows, Linux and MacOS. It is available to download through the Atomic Wallet website.

Mobile Trading App

The software support for Atomic Wallet does not end with personal computers. Their application is available for all current mobile devices. This includes Android and iOS. You may download the application through Apple Store and Google Play, or directly through the Atomic Wallet website.

Supported Assets

Atomic Wallet supports a large number of different assets that use different Blockchain implements. This does not only include Cryptos, but others like NFTs. There are more than 1400 different assets to exchange at Atomic Wallet.

Let’s have a look at a short list of different assets now:

• Coins – Bitcoin, Cardano, Ripple, Ethereum
• ERC20 – Amp, Stella, Balancer
• BEP20 – Mobox, SafePal, Vai, Vibing
• TRC20 – Just, BitTorrent, Sun, Zimbocash

Atomic Wallet Academy

Atomic Wallet Academy is a very well developed concept of education. It includes pretty much everything that you’d like to know about different cryptocurrencies, split into easily to digest chunks. It contains articles that go in depth about every topic, and are divided into different subsections and FAQs.

These articles are grouped into a number of sections about Blockchain Reviews, Crypto basics, Security and Crypto Glossary. That said, the interactivity with these articles is minimal. There are no webinars, or online videos to play.

Atomic Wallet Pros and Cons

Despite the comprehensive tools and an array of tradable products, Atomic Wallet still doesn’t own a proper license. Without it, the website cannot guarantee you absolute safety of funds. The fact that the highest security standards are not implemented is an additional reason for worry. 

With a total of 1400 assets to choose from, Atomic Wallet has an admirable pallet of instruments available. However, without the necessary security measures implemented, the trading conditions can be the most attractive ever, yet not reliable enough to motivate users to invest. 

How To Withdraw Money From Atomic Wallet

Cryptocurrency can be withdrawn from Atomic Wallet at any time by using separated Crypto Wallets for direct Crypto Transfers. Should you wish to withdraw in Real Currency, your funds may be exchanged at a given rate, and deposited on the Bank Account of your choice, per Anti Money Laundering agreement. One thing you should note is that Atomic Wallet does not have a separated legal document which outlines the Withdrawal Policy.

Although we do not wish to encourage fear mongering and spread panic, it would be wise to consider withdrawing your assets as soon as possible because of the evident lapses in security at Atomic Wallet. If you believe you have already lost a part, or the entirety of your investment, feel free to contact our legal experts through the Live Chat on our website. This ensures the quickest response from our Legal Team.

Customer Support

Yet another proof of lack of transparency at Atomic Wallet is the insufficient ways of contacting support. From a company that claims to be one of the world’s leaders in crypto exchange, you’d expect their customer service to be easily accessible. 

Instead of having at least several channels through which you could send your inquiries and requests for solving issues, there’s just a single online form. Needless to mention, heavily regulated financial services providers always enable callback requests, emails, a couple of phone numbers and even physical addresses of their offices. These are not supported by Atomic Wallet, unfortunately, and only because of this we rate their customer support below average.

Final thoughts About Atomic Wallet 

What we’d like to point out as a most concerning circumstance that revolves around the whole Atomic Wallet concept is the fact that they’ve never been licensed. That, in essence, is enough for them to earn the title of a scammer. Although the company has been relatively successful at what they do, the security is far from impressive or stable enough. Numerous customer complaints and scandals spurring from lost funds issues witness that. 

So, in accordance with our discoveries about this firm, we’d not be surprised to hear you’re having troubles, as well. In case of Atomic Wallet not willing to restore your investment or if you suspect a defrauding has taken place, please, feel free to get in touch with us. 

Our team of legal experts is here for your any issue. While the first consultation is free, the little thing we’d ask in return is any knowledge or info you have on this or any other scammer. If you’d like to share it with us, it would mean tremendously for our cause.