$35m Atomic Wallet hack ☹️

Atomic Wallet hack, crypto volume down, and tokenized assets

GM Baos,

Have you gotten a FFC plushie yet? 😈

Today we cover:

  • Atomic Wallet hack

  • Crypto volume down

  • Tokenized assets

Atomic Wallet

Atomic Wallet has been a pretty reliable option for handling and storing cryptocurrency since 2017.

But guess what? News recently broke out that it got hacked and a whopping $35m was stolen. That’s crazy, right?

Thankfully, the company has taken quick action by hiring top-notch security firms to fix the problem. The Atomic Wallet support team is even reaching out to affected folks to lend a helping hand.

Funny thing is, a few heroes emerged from this situation. Shoutout to @buffalu__ and @brian_smith_0, who managed to save around $1m from the attack.

If you want to stay updated on all the juicy details, follow @ZachXBT on Twitter. He's been keeping a close eye on this whole situation 👀

Volume down but potential up

In the last month, the total volume traded on crypto exchanges amounted to only around $307b, which is the lowest volume recorded since November 2020. This is intriguing, considering the up only movement of Bitcoin and other cryptocurrencies in the market 📈🆙

This highlights two important factors: market sentiment and the level of risk individuals are willing to take by allocating a portion of their portfolios to one of the most volatile asset class.

One notable aspect of this situation is the significant dominance of Binance, which accounts for just over 70% of the total trading volume in the cryptocurrency exchange market, while its closest competitor, Coinbase, holds less than 10% of the market share.

This raises a thought-provoking question for smaller market participants. Is the increase in prices driven by positive market sentiment, or is it due to reduced trading volume, indicating that the remaining participants are more discerning? 🤔

The answer to these questions remains uncertain. However, what we do know is that cryptocurrencies have emerged as substantial safe-haven assets for many countries.

Businesses eyeing tokenization

Recently, the crypto platform Taurus announced its integration into Polygon. This move makes perfect sense, as the network's extremely low gas fees make it a practical solution for cost-cutting and efficiency.

This applies to the majority, if not all, of their services, including funds, equity, debt, and more.

According to Taurus, other large financial institutions are considering integrating their securities into a more tokenized platform.

They are actively seeking a blockchain that can accommodate their security and its corresponding token. Which is crucial for each company, as any mistakes or fluctuations in the blockchain's price would have no impact on the Web2 company.

With infrastructure like this being developed and optimized daily, it is truly exciting to anticipate what these big brains have in store for us 🫡

Bao-sized news

Made us kek

Alright, folks, stay safe out there! The past few months have been wild for crypto security.

–Bluejohn