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Last Thursday, IOTA Foundation co-founder Dominik Schiener made a shocking revelation that a substantial quantity of IOTA tokens has been swiped from Trinity wallet owners. He puts the value of the IOTA tokens pilfered as between $300,000 and $1.2million while stating that a probe into the fund theft is still ongoing.
This announcement came subsequently after the Foundation made an earlier one on Wednesday revealing the move to halt the IOTA distributed network. It had stated that the coordinator node which certifies the conclusion and cogency of user transactions integrated on the network will be turned off.
He said the foundation had taken such a proactive measure to curb further thefts while investigations are been carried out to deduce the source of the vulnerability which will act as the basis for further probes.
IOTA distributed network is run by the IOTA Foundation, a non-profit organization committed to advancing the technology and keeping it license-free for every developer to use. IOTA, a Germany based organization was launched in 2015.
Stating in an email, Schiener reassured its users that the findings will be made public once the investigations are finalized while also restating the fact that IOTA has employed the services of related law enforcement agencies to look into the theft case.
Expatiating the nature of the attack, he describes most likely to be a malicious dependent attack or a more advanced coordinated attack linked with third-party integration. He opinionated the attack was launched at Trinity wallet in particular. Trinity is a feeless, scalable wallet solution created by the Foundation to host the IOTA token.
A new update released by the IOTA Foundation in the early hours of today revealed that 10 victims have been identified so far in the funds’ theft that was reported to be trinity wallet users.
At the time of publication on Friday, IOT / USD fell from $ 0.3250 to $ 0.3100. It is trading at the price level of $ 0.3175 during the European session.
Image Credit: Stock Photo Secrets
