Atomic Wallet raises red flags in viral $479k Monero loss claim

News

Atomic Wallet submitted an online report regarding a user’s lost funds over the platform. It stated that they cannot confirm claims that a user lost 633 Monero tokens. The wallet provider reported that no support ticket was filed with them and that the available evidence does not prove the issue. 

The dispute emerged after an X user, going by the name Nicolas van Saberhagen, claimed that his claimed his Monero balance dropped to zero in real time after opening the Atomic Wallet app. He highlighted that 633 XMR were sent to the same address across multiple transactions. However, the application displayed a banner stating that funds were safe during the event. Those tokens were worth around $479,000 at that time.

Atomic Wallet flags unusual activity

In an X post, Atomic wallet assured that it reviewed the allegation of a $479,000 loss but found no verifiable proof so far. It mentioned that more than 20 hours had passed since the claim surfaced. Till now, they haven’t received any direct contact from the user through official support channels.

The company noted that screenshots alone cannot confirm a loss, as Monero transactions are private by design. Meanwhile, the wallet provider claimed that the same account later announced a 30 XMR giveaway shortly after reporting the alleged fund loss. Such behavior looks unusual.

The report found that the account making the claim was recently created and showed irregular follower growth. The wallet company allegedly has received impersonation reports linked to similar activity.

The firm also said the account making the claim was recently created and showed irregular follower growth. Atomic Wallet said it has received impersonation reports linked to similar activity. They clarified that it operates as a noncustodial wallet and does not control user funds. Users hold their assets on-chain under their own private keys. The company is still willing to investigate the matter once the user contacts its support team directly.

User blames closed-source wallet

Complainant’s account alleged that his Monero balance dropped to zero in real time after opening the Atomic Wallet app. He added that the tokens held in the wallet were not his main holdings. The Monero network processed valid transactions without discrimination. He said the cryptography behind the protocol did not fail. Instead, he framed the issue as a failure of trusting closed-source software with private keys.

This comes in when Monero price has spiked over the week. XMR price surged by more than 50% in the last 7 days. However, it saw a fresh sell-off, dragging XMR price down by around 5% in the last 24 hours. It is trading at an average price of $682 at the press time.

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