Atomic Wallet successfully dismissed a $100 million class action lawsuit related to a hacking attack

ChainCatcher News, U.S. District Court Judge Philip Brimmer ruled to dismiss the class action lawsuit against the Estonian cryptocurrency wallet provider Atomic Wallet. The court found a lack of jurisdiction over Atomic Wallet, its CEO Konstantin Gladyshev, shareholder Pavel Sokolov, and the affiliated software development company Evercode Infinite. The lawsuit stemmed from a hacking incident in June 2023, in which Atomic Wallet suffered approximately $100 million in losses.

Judge Brimmer noted in his ruling that the connection between Atomic Wallet and the state of Colorado was insufficient to establish the court's jurisdiction over the company. The judge specifically emphasized that, given that Atomic Wallet provides software application services, it is difficult for the company to determine the specific geographical location of its users. The court granted the plaintiffs an additional 21 days to provide reasons why the lawsuit against Ilia Brusov, one of the founders of Evercode Infinite who holds 12.8% of Atomic Wallet shares, should not be dismissed.