Atomic Wallet Integrates Shibarium L2, Enraging Hack Victims

Atomic Wallet and Shibarium L2 integration triggers backlash from June’s hack victims.

People seeing Atomic wallet and Shiba inu connected.
Created by Kornelija Poderskytė from DailyCoin
  • Shiba Inu’s Layer-2 Shibarium gets incorporated into Atomic Wallet.
  • Back in June, Atomic Wallet suffered an exploit resulting in a $35M hack.
  • Shiba Inu whipped up 5% gains following the inclusion announcement.

Atomic Wallet, the popular non-custodial wallet used by 5 million customers worldwide, kept up with its promises to integrate Shibarium’s public mainnet. This was announced on 𝕏, as Atomic Wallet now supports three tokens of the Shiba Inu Ecosystem, including Shiba Inu (SHIB), Bone ShibaSwap (BONE) & Doge Killer (LEASH).

This makes the three tokens easily swappable on Atomic Wallet’s decentralized platform between 1,000 other cryptocurrencies. Currently at 1.26 million cryptocurrency wallets, Shiba Inu’s self-sufficient Shibarium Layer-2 blockchain has made a substantial entrance into the world of decentralized financial services.

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The decision to integrate the Layer-2 blockchain into Atomic Wallet is set to bring Shibarium to 5 million people worldwide, but not everybody in the cryptocurrency space is content with this ground-breaking move. Having suffered a $35M hack in June 2023, Atomic Wallet is yet to provide any meaningful compensation to the thousands of victims.

The Haunting Ghost of Atomic Wallet’s $35M Hack

In spite of the major technical upgrade, a large chunk of crypto investors on 𝕏 have expressed anger and frustration regarding the situation. According to these crypto investors, Atomic Wallet “is advertising the very product that lost many people’s life savings.”

The $35 million hack set one customer back nearly $8 million, while thousands of users have been grappling with the tumultuous aftermath of siphoned funds. Atomic Wallet instantly declared to be doubling down on their security mechanism, while on-chain sleuths tied the hack to the notorious Lazarus Group from North Korea.

While three crypto traders have been asking for reimbursement directly from Atomic Wallet on 𝕏 thread, DailyCoin has received no response from Atomic Wallet to clarify the situation. Meanwhile, the SHIB Army had also requested MetaMask & Trust Wallet, two DeFi wallet heavyweights, to give a timeframe for Shibarium’s inclusion in their ecosystems.

On The Flipside

  • The self-custodial Atomic Wallet’s team claimed that less than 0.1% of the 5 million users were affected by the $35M security breach in July.
  • However, crypto analyst Colin Wu claimed to have evidence that the hacking victims have lost over $100M with entire portfolios being wiped out.

Why This Matters

Self-custodial wallets give more control to the users than the regular centralized hot wallet solutions, as the crypto holder owns the private keys.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.