$300,000 to $1.2 million worth of IOTA have been stolen from Trinity, IOTA price down nearly 7%

It seems that the Trinity wallet app is being hacked, or a security hole appears. The IOTA development team said it has suspended the application and recommends users not to open Trinity until the latest announcement.

Users of the Trinity wallet have their tokens stolen from $ 300,000 to $ 1.2 million

Trinity is a wallet solution developed by the IOTA Foundation to support IOTA tokens. At present, ten victims have stolen money from Trinity’s wallet. Half of the victims reported contacting the IOTA team.

Details regarding this issue have not yet been released. However, the chances are high that it is related to recovery seed theft. So far, no mobile users have been affected, only one Mac user is affected, and the remaining victims are Windows Trinity users.

The Internet of Things (IoT) Blockchain integration project, IOTA, said it has turned off the Coordinator node that the foundation currently controls to ensure the validity and validity of individual transactions linked together on the IOTA network.

IOTA Foundation said:

“We need to do so to ensure that no theft can occur until we find the root cause of these burglaries. The ensuing investigation goes on from here on out.”

The IOTA platform is still investigating the reports and will issue a full summary after they finish the investigation. They cannot rule out other causes at this time.


The IOTA network has long had a flaw

IOTA’s wallet has had security holes in the past. IOTA’s early implementation of the wallet was reported to be unstable and caused the token to be lost or sent to an incorrect address. Many early users had complaints, and the team responded by making a series of improvements to the wallet.

In another incident with a significant security flaw, IOTA used a self-rolled hash function criticized by a group of MIT researchers. The IOTA team has denied the vulnerabilities that the MIT team found, and a fiery fight occurred on social media.

IOTA fixed the cryptographic flaw shortly after that, but independent cryptographers commented on it. IOTA confirmed that MIT misrepresented the risks, as well as their findings.

In another incident with a malicious actor, a British hacker stole over $ 11 million of IOTA tokens and was arrested by law enforcement. The IOTA platform was able to recover almost all of the stolen funds but still suffered a reputable blow into the security holes.

At press time, IOTA prices are hovering around $ 0.32, down nearly 7% in the past 24 hours.


IOTA price | Source: CoinMarketCap 

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