The IOTA Foundation warns the users in regards to IOTA (MIOTA) coin wallet Trinity, and its association with illegally taken funds as we are reading further in the iota news today.
After several IOTA holders made reports about missing coins, the IOTA Foundation made an announcement about the suspension of its network node, named the Coordinator, while the entity is exploring the situation, a status update by IOTA on February the 13th said. A major player in the 2017 bull run, IOTA was a cryptocurrency that stood out, one of the few that were not on the blockchain. The cryptocurrency runs on the tangle, utilizing a Directed Acyclic Graph (DAG) technology.
The Foundation of IOTA runs the Coordinator, a node on the network that helps in the prevention of attacks. While the network still apparently is relying on the Coordinator, the IOTA Foundation, posted a discussion on the elimination of the Node in a 2018 blog post. In the summer of 2019, the IOTA foundation released Trinity, a novel wallet for IOTA storage.
On February the 12th of 2020 a status update of IOTA advised users to abstain from opening their Trinity wallets for a certain period, citing a multitude of reported accounts of stolen IOTA. The following day, after investigating the issue, the IOTA Foundation stated that thieves very likely obtained the private wallet keys of the victims. The foundation recorded roughly 10 cases of reported theft, in which all involved Trinity wallet usage.
The Network transaction research conducted by the IOTA Foundation warns that about 50% of victims have reported the cases to the foundation at the time of the declaration.
“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, adding that the data until now still is not fully decisive.”
This is not happening for the first time, it is not the first experience of trouble IOTA suffered, since 2017. The network suffered a multitude of functional problems, that involve a 24 hour mainnet shut down in December of the last year.
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