Lost Funds in Atomic Wallet: How to Protect Your Crypto Assets and Avoid Common Pitfalls

Introduction

It is not clear what might be the root cause of the hack in the Atomic Wallet. People have lost millions of dollars in crypto in this self-custody wallet.

It is scary just to think you wake up and all of a sudden all your crypto vanished in the wild! That is why is important not to put everything into this asset class.

The possibility of the hack points out phishing attempts on Twitter but is not clear yet. Never enter your seed phrase on something unclear or otherwise, you can be the next victim!

Protecting your seed phrase

The seed phrase is the most important thing you need to protect for protecting your crypto. It is a series of words that can recover your wallet fund in the worst-case scenario if your wallet is compromised.

You need to spend and plan a good amount of time to put a good strategy in place for protecting your seed. You need to make sure it is in a place against fire and water damage.

If a complete stranger asks you to enter the seed phrase, never, never proceed. As soon they have it, they access all your crypto under your control.

It is like having your door open on the street where everyone can enter.

It is always hard to identify the hack

For the majority of people, they don't check often their wallets. It is like a save fault in the bank where your deposit your valuable items for protecting them.

Imagine the reputation and pressure Atomic Wallet might have under its shoulders. The team might work 24 hours a day in rotation shifts to understand, identify, and fix to make sure this does not keep going.

The reputation of the brand is at stake! When people lost faith in your product, they might find another solution in the market and never come back.

The door is closed definitely with an angry customer. It is taking 10x energy to get new customers in the door and a fraction of a second to lose one forever!

Imagine one instant if you lose 8 million!

Maybe you are a lucky one who has found a way to make a killing in the last bull run. You have bought the right asset at an accurate time and taken a profit to secure it in stablecoin.

You needed to find a place to secure your crypto in a save fault. Atomic Wallet was a good bet and sexy solution because you are in control of the seed phrase and is a self-custody wallet.

It is Friday, and you needed to move some money for a specific purpose. Suddenly you almost fall down from your chair with no money in your wallet.

Can you imagine one instant the panic and the reaction? In the crypto world, you cannot ask anyone to bail out your crypto if you lose your fund. Security is an important aspect that you need always stay up to date.

I know it can be cumbersome, boring, and tedious, but very important.

Always be careful and the last word

This hack might be caused by successful phishing attempts. People who lack education about security might fall victim easily to this attack vector.

It is scary to lose money but remember never put more money than you can afford to lose in the crypto world. Keep investing in the traditional markets and diversify in different asset classes for spreading the risk.

You always need to remember not to lose money and never forget rule number one. It is not a cool feeling to lose money, never!

Have a wonderful day!

PS: I am not a financial advisor, and always do your own research