IOTA Foundation Suspends its Network After Hacker Attack
Main page News, Altcoins, Hacker Attack

The IOTA Foundation, the non-profit organization behind the IOTA project, has reported the users of the Trinity wallet have lost a part of their funds.

According to IOTA Foundation cofounder Dominik Schiener, Trinity wallet users have lost between $300,000 and $1.2M in IOTA tokens after a hacker attack.

After the news was known, the foundation has deactivated the Coordinating node that the foundation currently controls, which, under normal circumstances, ensures the finality and validity of individual transactions that are linked together on the IOTA network.

According to the foundation, it has taken this decision in order to "make sure no further theft can occur until we find out the root cause of these thefts."

Trinity is a wallet developed by the foundation for storing the IOTA token.

The foundation has reported the hacker to the authorities so that they conduct the appropriate investigations and has reported it will share a report once they are completed.

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