The IOTA news today show that the main company behind the MIOTA token, the IOTA Foundation investigates a case where stolen funds were allegedly used by the coin wallet Trinity.
After multiple IOTA holders reported their missing coins, the IOTA Foundation went with an announcement where it listed that it is announcing the suspension of its network node called the Coordinator while the entity explores the situation, as an official status update by the team said.
A major player in the 2017 bull run, IOTA is one of the few cryptocurrencies that shined in the coming altcoin news. The asset runs on the tangle and uses Directed Acyclic Graph technology (DAG) in its system.
The IOTA Foundation investigates this new case and while they do, it is worth seeing how they run the Coordinator, a node on the network which helps prevent attacks like these. Even though the network is relying on this node, the IOTA Foundation posted a discussion about eliminating it in a 2018 blog post.
Last summer, the IOTA Foundation released Trinity which is a new wallet for IOTa storage. On February 12, an IOTA status update urged the users not to open their Trinity wallets for the time being and cited that there were multiple reported accounts of stolen IOTA.
The next day, the IOTA Foundation investigates this and says that thieves likely obtained victims’ private keys. The foundation noted that there were around 10 cases of reported theft which all involved Trinity wallet usage.
“We’ll share a full transparent report of all events once this has concluded, for now we’ll limit the information we share to not give provide the attackers with any additional insights,” the update said back then.
Now that the IOTA foundation investigates a new case, we can certainly say that there is some trouble for the team with potential stolen funds. There was also the 24-hour mainnet shutdown in December 2019 but besides this, the network has not seen many fraudulent cases.
The MIOTA token has also fallen by 5.61% probably because of the news and is now trading at $0.31, gathering up all the losses and moving to a lower region. However, the entire altcoin rally might spark it up again and prove that it is able to add more to its price.
IOTA Qubic Proof Of Concept To Be Released Next Week
‘’Until it’s done. You just saw what happens when we pander to the wen-crowd. We try to give a reasonable time line but it will take as long as it takes. Next week will finally be when the PoC will be delivered. You have the thief to thank for the delay.’’With the proof of concept, the IOTA foundation will show how feasible Qubic is whereas the Proof of Concept shows the basic functionalities. Qubic is a decentralized protocol that stands for quorum based computation. Qubic provides a platform for the creation of the Internet of Things applications that connects the smart contracts and oracles with the IOTA tangle. Qubic will serve to make the smart contracts better and will allow the oracles to feed external data, sports results and stock prices. The QBC code is created as a second layer on the Tangle protocol using the IOTA token to pay for the services. The special feature of Qubic is that the oracles based on the Tangle which allows free micropayments while the smart contracts collect data in real-time. Unlike Chainlink and ETH, there are no gas fees which means that there’s unlimited data that can be retrieved by the smart contracts without any costly problems. Qubic is a supercomputer that is based on the IOTA platform since IOTA has the standard for machine-to-machine payments and the Internet of Things. This way Qubic will provide the basis for automating simple processes.
IOTA Foundation Will Reactivate Network By March 2nd
"The biggest fault that we have made was to not integrate the NPM package and properly security auditing the integration. Human error and the pressure to release a new version ASAP ultimately lead to this mistake.''While the team managed to identify 50 victims of the attack, it does not have the information about how many users received these malicious SDKs. Because of that, the IOTA Foundation has requested all of its users to transfer their funds to new accounts from the old.
"One important thing is obviously that this does not affect all IOTA users, but only affects Trinity users of the Trinity desktop wallet. So everybody else is safe and doesn't have to worry about this," Schiener said.The move of the IOTA Foundation to freeze the network after the attack is a controversial decision because the network is designed as a decentralized network. But the IOTA Foundation thinks that this instrument is quite important for the development of the network in its early phase.
"I know that is controversial in a space where decentralization is all that matters until something like DAO happened and you could roll back the blockchain anyway… this [pausing the network] was an extraordinary measure in response to an extraordinary event and it's important to get across, at least from our perspective, that no one at the IOTA Foundation or the IOTA project is happy that we had to take such extreme measures.’’
How Will IOTA Transform IoT Design In The Future: Analysis
- It is modular
- It is decentralized
- It is not subject to taxation
IOTA Forces Trinity Wallet Users To Use Seed Migration Tool
“...we want to inform users who have input their credit card details into the Trinity Wallet that, to the best of our knowledge, their credit card information is unlikely to have been compromised by this security incident.”This is what indicates the serious nature of the breach. Hackers may have obtained a number of seeds from IOTA users and may find others who do not promptly use the migration tool as the foundation suggests. When it comes to data breaches, we can see that cryptocurrency projects like IOTA find their feet and are prone to incidents like these. This is not the first time this happens to IOTA, too - the company had to shut down for 24 hours in December last year after it experienced a mainnet incident.
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