In the latest cryptocurrency news, we are focusing on the altcoin IOTA and the hack that made the token lose about $11 million worth of IOTA tokens which are alleged to have been stolen by an individual from Oxford, UK.
The news show that almost all of the tokens have been found. As IOTA’s co-founder and board co-chairman Dominik Schiener told Reuters, the funds are currently being held as evidence in a police investigation.
As reported a week ago, the Europol-coordinated effort involved both British and German enforcement agencies into arresting a 36-year old man suspected of stealing $11.4 million in IOTA from around 85 victims worldwide since last January.
The investigation also found that the thefts took place by targeting users of the now-defunct website that created 81-digit security seeds for IOTA wallets, where the hacker managed to retrieve the seeds and in that way gain access to users’ wallets while draining their funds.
IOTA has been working with the police for several months. According to Schiener, what they told was an entire hacker group turned out to be one individual – which he described as a person “who had a normal job and is well-educated.”
“The exchanges have blocked the hacker’s accounts. He tried to free the money, but he did not succeed. Just a small amount of the stolen IOTA tokens has not yet been found,” Schiener told Reuters.
The British Police already arrested the Oxford man and charged him for theft, money laundering and fraud last week, seizing a number of his computers and electronic devices.
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