Evaluating only Atomic Wallet’s profile at its peak — without knowing the outcome — the model ranked Regulation as the #1 likely cause. Documented cause: Security failure.
Key Events Timeline
FOUNDING
Atomic Wallet founded in Estonia by Konstantin Gladych as a multi-currency non-custodial desktop and mobile wallet.
PRODUCT LAUNCH
Reached 5 million registered users; became one of the most popular self-custody wallets globally.
FRAUD EXPOSURE
Lazarus Group hack drained $100M from 5,500 wallets via supply chain compromise; CEO minimized losses publicly.
SHUTDOWN
Class-action lawsuit filed in Denver; Elliptic confirmed Lazarus Group attribution; user trust permanently destroyed.
Full Analysis
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Documented cause
Atomic Wallet, a non-custodial crypto wallet with 5 million users, was hacked by North Korea's Lazarus Group in June 2023. Over $100M was stolen from approximately 5,500 wallets in a supply chain attack compromising the wallet software itself. CEO Konstantin Gladych initially downplayed losses, claiming only 0.1% of users affected. A class-action lawsuit was filed in Denver, Colorado. The hack was attributed to Lazarus Group by blockchain analytics firm Elliptic, with funds laundered through mixers.
Lesson
“Non-custodial wallets must undergo continuous third-party security audits; supply chain attacks are existential.”