GM, this is The Crypto Explorer, the only newsletter with headlines so hot our writer can't stand the heat! 🥵

Here’s what we got for you today:

• 🤯 Millions lost in Atomic wallet hack!

• ⚖️ Investors sue Elon Musk!

• 🧱 Around The Block: Metropolitan Museum of Art to return $550K in donations from FTX.

 🤯 Millions Lost in Atomic Wallet Hack!

On June 2, an estimated $35 million worth of cryptocurrency was stolen from users of Atomic Wallet, a noncustodial-decentralized wallet.

According to an analysis by ZachXBT(an investigator of stolen crypto funds), five users took the worst hit.

Accounting for $17 million worth of assets lost.

• One singular person lost $7.96M USDT

• another person lost 1875 ETH ($3.5M)

• and many more people lost many hundreds of thousands.

The cause of the attack is still under investigation.

Atomic Wallet says they're collecting victim addresses and seeking assistance from major exchanges and blockchain analytics firms to trace and block the stolen funds.

They are also collaborating with leading security companies to identify possible attack vectors.

But there are speculations within Telegram’s community channel on the cause of the attack.

Some pointed out the exploit could have originated via an outdated dependency package, a component that specifies the tasks to be performed and the libraries required to perform those tasks.

Whatever may be the cause, millions have still been lost.😢

Now, here’s the heartbreaking part about all this.

The possibility of a refund is very slim.

Since Atomic Wallet is a noncustodial-decentralized wallet, users are responsible for the assets stored in the application.

And the wallet's terms of service state that the company is not liable for on-chain damages suffered by users.

Ouch! Guess this is why Hardware wallets are our best bet, but to be safe it's still better to hold crypto on multiple hardware wallets.😉

The fact that scammers are using this opportunity to prey on the victims worsens this situation even more.

ZachXBT has highlighted that scammers could take advantage of this situation by targeting the victims with fake refund programs.

There are already fake atomic wallet accounts all over Twitter offering people help.

Isn’t it crazy how these scammers show up to take advantage of people who already lost so much? 😡

The attack on Atomic Wallet adds to a growing list of crypto hacks

Most recent cases include Jimbos Protocol's $7.5 million exploit and a malicious proposal that took over Tornado Cash's governance in May.

In 2022, crypto hackers reportedly stole $3.8 billion, primarily through attacks linked to North Korea and exploiting decentralized finance protocols.

It's a total minefield out here.

We're always watching our backs in Crypto.

If you're still here and haven't suffered any catastrophic losses. It is just pure luck.

Stay safe friends!

⚖️Investors Sue Elon!

Elon Musk is facing accusations of insider trading in a proposed class action lawsuit filed by investors.

So, what did Musk do to piss off investors?

They allege that Musk manipulated the price of the cryptocurrency Dogecoin, resulting in billions of dollars in losses for them.

And that he used various "publicity stunts" to trade profitably at their expense through several Dogecoin wallets that he or Tesla controls.

These publicity stunts include; Twitter posts, paid endorsements from online influencers, and his appearance on NBC's "Saturday Night Live" in 2021.

For a guy who's worth $300B, what's the point of even doing it? 🤔🤷

Now, here’s the Twitter incident that will blow your mind.

Shortly after replacing Twitter's blue bird logo with Dogecoin's Shiba Inu dog logo, Musk sold approximately $124 million worth of Dogecoin in April, leading to a 30% increase in Dogecoin's price.

A wise man once said 'Fate loves irony' 😂

These latest accusations by investors have been included in a proposed third amended complaint in an ongoing lawsuit initiated in June of the previous year.

U.S. District Judge Alvin Hellerstein, in a Wednesday order, indicated that he would “likely” allow the third amended complaint, stating that the defendants would not be significantly prejudiced.

We can’t wait to see how this legal battle unfolds!

🧱 Around The Block: Metropolitan Museum of Art to return $550K in donations from FTX.

• ⚖️ FTX Case: Metropolitan Museum of Art to return $550K in donations from FTX.

• 🤳 Crypto Influencers: FTX lawsuits see crypto firms and influencers dial back endorsement deals.

• 🚨 Ripple Case: Pro-XRP lawyer tips outright SEC victory at ‘less than 3%’.

• 😤 Legal Action: Gate.io threatens legal action against rumour-mongers.

That's all we've got for you today.

Please don't forget to rate today's email and let us know what you like about it.

In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.