Atomic Wallet Review | Is Atomic Wallet Reliable? Is It Safe or a Scam?

1. Brand Background and Development History

1. Company and Origin

• Company entity : Atomic Wallet Ltd. (registered in Estonia)

• Founded : 2018

• Founder : Konstantin Gladych (also co-founder of Changelly exchange)

• Positioning : Desktop-based, emphasizing "non-custodial + built-in exchange"

2. Product form

• Desktop app (Windows/Mac/Linux)

• Mobile app (iOS/Android)

• Built-in exchange interface : integrated with Changelly and Simplex

• Staking function : Supports ATOM, XTZ, ZIL, NEO, etc.

3. Market position

• It became one of the most popular desktop wallets in 2019-2022

• But its reputation plummeted after the 2023 hacking incident

2. Functions and User Experience

1. Multi-asset support

• Supports 500+ assets (BTC, ETH, BNB, SOL, XRP, DOGE, ADA, etc.).

• Supports ERC-20, BEP-20 and other tokens.

• Supports staking of some PoS currencies.

2. Built-in functions

• Atomic Swap (the original core selling point) : peer-to-peer on-chain exchange, which later gradually weakened.

• Built-in exchange : Exchange and fiat currency access are provided through Changelly and Simplex.

• Staking : Completed within the wallet, no external platform required.

3. User Experience

• The desktop experience is good and the interface is simple.

• The mobile version is fully functional, but has stability issues.

• The built-in exchange fee is high.

3. Security and Compliance

1. Security Architecture

• Non-custodial wallet : users control private keys and mnemonics.

• Local encrypted storage .

• Disadvantages : Not open source, code cannot be audited.

2. Major security incidents

• June 2023 hacking incident :

• Over $50 million in user funds were stolen .

• Atomic Wallet officially denied responsibility, stating that only "0.1% of users were affected."

• Most security companies believe that the cause may be the leakage of private keys or the hijacking of application updates.

• The victimized users organized a class action lawsuit.

• Impact : Atomic Wallet’s reputation collapsed and it was considered an “unsafe wallet.”

3. Compliance

4. User and Media Reviews

1. Media Comments

• CoinTelegraph : "2023 hack severely damaged Atomic Wallet's reputation."

• Decrypt : "Once a popular desktop wallet, trust has plummeted."

• Forbes : "Users are reminded to switch to hardware wallets such as Ledger and Trezor."

2. User Feedback

• Front (before the hacking incident) :

• “The interface is simple and comprehensive.”

• “Supports many currencies.”

• Negative (after the hack) :

• “Assets were stolen, and there was no official compensation.”

• “Updates are infrequent and lack transparency.”

• “It’s still being promoted, but no one dares to use it anymore.”

3. Case

There are a large number of users publicly sharing loss cases on Reddit and Twitter, and some users have even filed lawsuits due to large financial losses.

V. Risk Warning

1. Hacking incident risk : The 2023 incident revealed problems with the security architecture.

2. Risk of not opening the source code : The code is not public and difficult to verify.

3. Insufficient compliance : No global license and lack of transparency.

4. Lack of compensation mechanism : users’ losses are not compensated.

6. Competitive Comparison

VII. Summary

Atomic Wallet was once a popular choice for desktop wallets , but after the hack in 2023, its security and reputation declined significantly.

• Advantages : multiple currencies, user-friendly interface, and staking functionality.

• Disadvantages : Major hacking incidents, no compensation mechanism, not open source.

Summary in one sentence :
Atomic Wallet is no longer suitable as a primary wallet. It is recommended to switch to Exodus or a hardware wallet.

8. Multi-dimensional Rating (out of 10 points)

• Security: 3/10 — Hacking incidents, trust breakdown

• Functionality: 7/10 — Multiple currencies, staking support

• User Experience: 7/10 – Intuitive interface

• Compliance: 4/10 — Registered in Estonia, no global licenses

• User reputation: 3/10 — Reputation plummeted after the hack

Overall score: 4.8/10

IX. Contact and Support

• Official website: https://atomicwallet.io

• Help Center: https://support.atomicwallet.io

• Community: Twitter, Telegram, Reddit

✅Final conclusion :
Atomic Wallet was a popular choice before the hack, but it is now listed as a "high-risk wallet" and is not recommended for long-term or large-scale use.