First reported on August 21, a group of investors affected by Atomic Wallet’s security breach in June, which resulted in the loss of $100 million, have filed a class action lawsuit against the self-custody wallet provider.

According to Max Gutbrod, a German lawyer who is leading in coordination of the lawsuit alongside Boris Feldman, 50 clients are being represented, who collectively lost some $12 million. 

According to Gutbrod, “Our legal team is actively working to recuperate the assets for the affected clients. A class action against Atomic Wallet is in the pipeline due to their lack of transparency post-hack.”

It has been claimed that Atomic Wallet failed to provide those affected with sufficient information regarding the attack, and further failed to notify authorities.

Atomic Wallet Hacked For $100 Million

In June 2023, Atomic Wallet, the provider of a self-custody wallet product, was the target of a hack which resulted in the loss of around $100 million in user funds, with some investors having their entire portfolios swiped. 

It is estimated that, in total, some 5,500 wallets were affected by the attack, as reported by blockchain analysis firm, Elliptic.