Atomic Wallet wins dismissal of class suit over $100M hack

[Z-tight]

That's why cryoto enthusiast are always advised to use an open source wallet. Close source wallet have caused lot of issues to holders and upon all the issues they caused, they never refund investors their lost fund.

The truth here is that Atomic wallet customers would find it very difficult to win any case against the wallet, because it is a self cuatodial wallet. In crypto forums we know that closed source wallets could have vulnerabilities that can cause people to lose their funds, but because it is closed source, the code cannot be verified and it will be hard to prove.

Atomic wallet would simply continue to argue that there was nothing wrong with their system and the losses was due to customers' mistakes, because they control their funds with their seed phrase, now how do you prove otherwise?

[TomPluz]

The founder of the wallet can win the case but Atomic wallet is not a good wallet to be recommended.

Yes, of course, why would I exposed myself and even others to some high level of risks with a wallet like Atomic. I understand that this was a popular wallet years ago but I am not sure how good they are in maintaining their market share these days most especially after their big hack. While the hack is usually the culprit of the hacker, the responsibility to make things safe, secure and strong lies on the wallet platform. An open source wallet is not something we should be using as there are other alternatives out there. I am more content my popular non-custodial wallet so far. Atomic can win the case but I can not win my heart.

[yhiaali3]

While the hack is usually the culprit of the hacker, the responsibility to make things safe, secure and strong lies on the wallet platform. An open source wallet is not something we should be using as there are other alternatives out there. I am more content my popular non-custodial wallet so far. Atomic can win the case but I can not win my heart.

Most experienced users and developers will disagree with you, being an open source wallet is one of the wallet’s strengths and not a weakness, on the contrary, because everyone can contribute to the development of the open source wallet and close the software vulnerabilities, unlike closed programs that you cannot know anything about their vulnerabilities.

If you remember, there was a big uproar a while ago against the Ledger wallet because of their announcement of a private key storage service, which prompted the community to wonder if the wallet program could access and store the wallet’s private keys (Ledger is not open source). This means that Ledger may have access to the private keys, which would put all owners of these closed wallets at real risk.

[enoch_from_off]

While the hack is usually the culprit of the hacker, the responsibility to make things safe, secure and strong lies on the wallet platform. An open source wallet is not something we should be using as there are other alternatives out there. I am more content my popular non-custodial wallet so far. Atomic can win the case but I can not win my heart.

Most experienced users and developers will disagree with you, being an open source wallet is one of the wallet’s strengths and not a weakness, on the contrary, because everyone can contribute to the development of the open source wallet and close the software vulnerabilities, unlike closed programs that you cannot know anything about their vulnerabilities.

If you remember, there was a big uproar a while ago against the Ledger wallet because of their announcement of a private key storage service, which prompted the community to wonder if the wallet program could access and store the wallet’s private keys (Ledger is not open source). This means that Ledger may have access to the private keys, which would put all owners of these closed wallets at real risk.

Projects differ from one another, some may be better even being open-source, and more secure in fact, and some - not. For devs - it's a great way out, you are right
Never heard about the Ledger, I will look at that matter in the future just for research purposes, thanks.

[Z-tight]

Never heard about the Ledger, I will look at that matter in the future just for research purposes, thanks.

Ledger is a closed source hardware wallet, but not just that, they also launched a feature called ledger recover, it has to do with third parties holding parts of their customers seed phrase. It is a terrible thing to do and i do not recommend anyone to opt-in to it. Ledger also lie about a lot of things, if you want to buy a hardware wallet, look away from ledger.

[Captain Corporate]

There is a responsibility scale, I mean when a place is hacked, they are responsible to protect your funds, but at the same time in this case its different, because they had a bit less to do with it and you should have protected yourself too. Its still a clear sign that nobody should use it, there are so many places that are better so we shouldn't really use it. I will not give up putting all my crypto into Binance exchange, I already have very low amounts, so if I am ever hacked, personally or even binance drops, I won't lose much, it would not change anything for me, because I do not have enough to matter anyways.