IOTA Foundation Investigating 'Coordinated Attack' That Resulted in Stolen Funds

News
Thu, 02/13/2020 - 19:13
Alex Dovbnya
IOTA has already identified ten victims of the attack on its Trinity wallet while it continues to investigate the case
Cover image via www.123rf.com
Contents

The IOTA Foundation has contacted law enforcement to investigate a coordinated attack on their Trinity wallet. So far, they have managed to identify ten victims who lost their funds. 

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Many things remain unknown 

As reported by U.Today, IOTA cautioned its users about "a suspicious situation" with Trinity earlier in the day and paused the Coordinator node, thus effectively halting the network.  

According to a recently provided update on their investigation, about half of the victims have already come in contact with the foundation. While other scenarios cannot be ruled out, it still seems highly likely that their seed phrases were stolen. 

IOTA also promises to release an in-depth report about this case once the investigation is completed. Doing so now would give attackers the upper hand. 

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A €10 mln IOTA theft 

The new attack took place one year after Europol arrested a man from Oxford who stole nearly €10 mln worth of IOTA tokens from 85 people.  

These thefts were possible because of a fake wallet that copies the seed phrases of unfortunate victims. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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