U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

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
Put your crypto to work
10
BTC
  • $68.96

    Interest per week

  • $3585.7

    Interest per year

  • 4.15%

    Interest rate

Join Now!
Sponsored by Celsius.Network

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. 

Related
IOTA Achieves Huge Milestone with Coordicide Release

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. 

Related
IOTA Teams Up with Hackster.io to Propel Development of Smart Cities

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. 

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.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020
Mark Yusko Explains Why XRP Is Excluded from Morgan Creek's Digital Asset Index Fund: Watch Full Video
Bitcoin SV (BSV) Miners Flock to BTC After Botched Halving as BCH Hashrate Tanks
Bitcoin (BTC) Ponzi Schemes Take Massive Hit During COVID-19 Pandemic, but You Have to Watch Out for These Scams