A group of frustrated cryptocurrency investors has filed a class action lawsuit against Atomic Wallet, which experienced a significant breach and losses over $100 million in June.

Dozens of high-net-worth investors from Russia and the Commonwealth of Independent States are participating in the class action against Atomic Wallet, according to German business media agency BNE IntelliNews report on August 21.

Max Gutbrod, a German lawyer, and Boris Feldman, a co-founder of the Moscow legaltech company Destra Legal, are coordinating the litigation.

Gutbrod, a former partner at Baker & McKenzie in Moscow for over two decades, reportedly said that the lawyers are representing roughly 50 clients who lost a total of $12 million as a result of Atomic Wallet's breach two months ago. He stated:

“We are working on recovering the assets for our clients and we will be filing a class action against Atomic Wallet [...] They didn’t give our clients any information about the hack or go to the police to report it.”

Atomic Wallet, a noncustodial cryptocurrency wallet, was hit with a $100 million hack in mid-June 2023. At least 5,500 crypto accounts on the platform were compromised by the breach.

Elliptic, a crypto analytics business, later linked the crime to the North Korean cybercriminal organization Lazarus Group, which is suspected of stealing billions of dollars in cryptocurrency through multiple thefts.

Sources:

https://cointelegraph.com/news/crypto-atomic-wallet-faces-class-action-over-100m-crypto-hack-losses

https://www.cryptopolitan.com/atomic-wallet-lawsuit-over-100-million-crypto-hack-losses/

https://www.intellinews.com/russian-investors-launch-action-after-being-stung-in-100mn-crypto-heist-288989/?source=russia