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IOTA Foundation Investigates Stolen Funds From Trinity Wallets

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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.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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IOTA Qubic Proof Of Concept To Be Released Next Week

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The IOTA Qubic community has been waiting for this launch for over two years and there is no other IOTA project that is so eagerly awaited along with its protocol known as ‘’Q.’’ The protocol will be used to facilitate smart contracts and oracles based on the Tangle and will increase the potential use cases of the cryptocurrency as we are reading more in the IOTA news. The IOTA Foundation is working on a combination of Chainlink and Ethereum with IOTA Qubic taking a few other approaches that make it different from the two projects. Eric Hop that is primarily responsible for Qubic at the IOTA foundation explained today that the foundation will move towards the release of Qubic in the upcoming week. Hop explained that a proof of concept of Qubic will be published next week and he wrote:
‘’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.
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IOTA Foundation Will Reactivate Network By March 2nd

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The IOTA foundation will come back to live as per the reports on Thursday that it will reactivate the IOTA network by March the 2nd, after a sudden shutdown last week that occurred following the attack that as his consequence had the stolen funds of some users of the Trinity wallet software as we reported earlier in the IOTA news. The nonprofit organization stated today that it is working on developing transition tools so users can transfer their funds from their existing accounts to new accounts. After this transition is complete, the Foundation will turn online the network. The IOTA Foundation will not reactivate after they paused the network because of the attack as was reported in the previous occasions by DC Forecasts. A post-mortem report, made by the Foundation, stated that the hack was a result of vulnerability through MoonPay, which is a fiat-to-crypto onramp platform that is integrated with Trinity. Trinity, a wallet solution that was developed by the IOTA Foundation in order to provide support to the token of the IOTA network.
"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.’’
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How Will IOTA Transform IoT Design In The Future: Analysis

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Smart cities are a concept that is getting more popular nowadays. In the crypto news, we have an altcoin that is actively working to promote the development of these projects - IOTA. But the big question that many have now is - how will IOTA transform IoT design as we know it and help people access suitable electronic currency for small fees and minor purchases? Well, the cryptocurrency is known in the IOTA news for its ability to make micro-payments and is a cryptocurrency designed specifically for the IoT. It is being proposed for that purpose. As an electronic payment system, it must get better at security, personalization and convenience. The truth is, IOTA was designed to provide all of these qualities. How will IOTA do that in the few years to come is through its three main advantages:
  • It is modular
  • It is decentralized
  • It is not subject to taxation
IOTA is based on a new distributed ledger called Tangle which will overcome the inefficiencies of the current blockchain design, introducing a method of consensus in a decentralized peer-to-peer solution. This approach allows using the technology to transfer money without any commission to pay for anything - whether it's parking fees or a car wash or a sandwich. Coming from the IOTA Foundation, a company which is working with STMElectronics to create a new level of powerful, continuous and economic access to IoT functionality. The spectrum of this cooperation is the integration of the IOTA Tangle into ST's 32-bit MCU ecosystem. This solution allows for products and services with IOTA functionality to be easily integrated, allowing developers to easily and quickly create and prototype new IoT solutions. So, how will IOTA revolutionize things is through a tangle which is a different approach that made it possible to scale the network in a purely IoT and blockchain ecosystem. The idea was conceived by the young computer scientists in a group of hacker forums. With the growth of connected devices and interoperability between them, there are endless possible applications of IOTA and Tangle. All of this will increase and the characteristic makes the new technology particularly interesting, especially in a complex infrastructure like the industry 4.0.
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IOTA Forces Trinity Wallet Users To Use Seed Migration Tool

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The IOTA news today show that the cryptocurrency project is working full-steam on its wallet. In response to a February 12 hack which occurred on the wallet, a new status update shows that IOTA forces Trinity Wallet users to protect their assets by using the seed migration tool. In other words, all Trinity users who opened or updated their wallets between December 17th, 2019 and February 18th, 2020 may be vulnerable, the update reads. https://twitter.com/iotatoken/status/1230460112122318848 Currently, IOTA runs on their dedicated network Tangle - not blockchain - but Coordinator which is a node on the network that helps it prevent attacks. This is on hold following the recent breach but the news show that IOTA forces the users to use the seed migration tool. For those of you who did not read our altcoin news a couple of days ago, the desktop version of IOTA's Trinity Wallet was found to be vulnerable after hackers attacked a number of high-value accounts on February 12, gaining access to their private wallet keys. MoonPay is one of the services which allows users to purchase IOTA directly. This service was discovered to be the gateway to the breach - which is why the feature does not appear in the patched version of Trinity Wallet for desktop users anymore. The team at IOTA forces the new move but also mentioned that it was unlikely for any credit card details to have been affected by the breach, stating:
“...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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