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US Court Denies Atomic Wallet’s Motion to Dismiss $100M Hack Lawsuit

BlockNews.com Team by BlockNews.com Team
November 20, 2023
in BUSINESS, CRYPTO, DEFI
Reading Time: 2 mins read
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  • Atomic Wallet’s motion to dismiss class action lawsuit over $100M hack rejected by US court, despite Atomic arguing it has no US ties and that suit should be in Estonia.
  • Court found Atomic’s arguments lacked merit – US users were impacted, user agreement limiting damages was unconscionable, Atomic had duty to secure wallets based on advertising, and fraud claims were valid.
  • Lawsuit against Atomic Wallet over $100M hack will proceed in US court, despite Atomic’s efforts to dismiss the case.

Crypto storage Atomic Wallet recently filed a motion to dismiss a class action lawsuit in the US seeking damages from a $100 million hack. Atomic argued it has no ties to the US and the suit should have been filed in Estonia. However, the US court rejected Atomic’s request to dismiss the case.

Atomic Wallet’s Arguments for Dismissal

Atomic Wallet presented several arguments for dismissing the class action lawsuit. Atomic claimed it has no business connections in the US and its end-user agreement requires all litigation be filed in Estonia, Atomic stated only one user in Colorado was impacted, arguing this was insufficient for a class action. The firm said users agreed to terms limiting liability for theft losses to $50 per user. Atomic argued it had no legal duty to maintain wallet security or prevent hacking.

🛡 Security update. How Atomic Wallet is protected from possible attacks.https://t.co/RIF5vMwkZy

— Atomic – Crypto Wallet (@AtomicWallet) September 11, 2023

Court Rejects Motion to Dismiss

Despite Atomic’s claims, the Colorado District Court rejected the motion to dismiss the class action lawsuit for several reasons. While only one Colorado user was named, approximately 5,500 US Atomic wallet users were impacted by the $100 million hack. The court found the terms limiting damages unconscionable and unenforceable. Atomic’s marketing created a duty to keep wallets secure against hacking. The court upheld the plaintiffs’ allegations of fraudulent misrepresentation.

Conclusion

The class action lawsuit against Atomic Wallet will proceed in the US court, despite Atomic’s efforts to have the case dismissed. The court found Atomic’s arguments lacked legal merit. This legal battle stemming from the $100 million hack continues.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: atomiccryptowallet
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