IOTA Foundation - the non-profit organization behind the distributed IOTA network, issued a warning regarding IOTA (MIOTA) - Trinity, and its connection to the stolen money.
After many IOTA holders claimed to have lost money, the IOTA Foundation announced the suspension of its network node - called Coordinator, and the organization is currently investigating the incident, a update status IOTA on February 13 said.
IOTA runs on tangle, not blockchain
As a big name in the price increase race in 2017, IOTA stands out as one of the few cryptocurrencies not on the blockchain. IOTA runs on tangle - using Directed Acyclic Graph (DAG) technology.
IOTA Foundation operates the Coordinator - a network node to help prevent attacks. While the network is clearly dependent on the Coordinator, the IOTA Foundation posted a discussion about node removal in a 2018 blog post.
IOTA's Trinity wallet caused the problem
Last summer, the IOTA Foundation released Trinity - a new wallet to store IOTA.
On February 12, an IOTA update urged users not to open Trinity wallets during this time, citing many accounts claiming to lose IOTA.
The next day, after reviewing the problem, the IOTA Foundation said the hacker was likely to have taken the victim's private key. The organization recorded about 10 cases of losing coins, all related to the use of Trinity wallets.
The network transaction study also found that about 50% of the victims reported cases to the platform at the time of notification.
“We will share a full transparency report on all the facts as this becomes clear, we will now limit the sharing of information to avoid providing any additional information for those attacker, ”said the update.
This is not the first problem IOTA has encountered since 2017. The network has experienced many functional issues, including a 24-hour mainnet crash in December 2019.
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According to CoinTelegraph
Translated by ToiYeuBitcoin