IOTA Foundation Addresses Recent Hacking Controversy

  • Alex Dovbnya
    📰 News

    The IOTA Foundation claims that the crypto heist drama is inching closer towards a peaceful resolution after finding the majority of stolen fund


IOTA Foundation Addresses Recent Hacking Controversy
Contents

In a recent blog post, the IOTA Foundation gives a huge shout-out to everyone who helped arrest the man who perpetrated against the community by stealing $11 mln worth of IOTA tokens. IOTA’s Koen Maris signifies the successful collaborative effort between IOTA members and the German police.

How it happened

On Jan. 19, hackers started stealing funds from a bevy of IOTA wallets that had been compromised with the help of a fake seed generator. Initially, multiple victims took to Discord to seek help from the community, and then news outlets quickly picked up the story. IOTA swiftly began collaborating with police officers in Germany and the UK.

👉MUST READ

IOTA Joins Forces with Denmark's Energy Giant

IOTA Joins Forces with Denmark's Energy Giant


Shortly after that, the hacker, who turned to be a 36-year-old Englishman with ‘a normal job’, was arrested by Europol. The lion’s share of the stolen tokens was recovered, Reuters reported on Jan. 30.

Crypto hacks are still prevalent

Overall, 85 people fell victim to the lone hacker. Currently, the IOTA Foundation encourages all the victims to come forward and share any pertinent information with the local police.

Despite the fact that the industry is maturing and gaining legitimacy, such large-scale hacks are extremely prevalent there. On Feb. 1, U.Today reported about a SIM swapper getting 10 years in jail after stealing $15 mln in crypto. Forbes reveals that hackers stole more than $1.7 bln in crypto last year.

Cover image via u.today
Subscribe to U.Today on Twitter,and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings