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March 7, 2020
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Co-Founder of the IOTA Foundation, a non-profit organization behind the IOTA (MIOTA) cryptocurrency project, David Sønstebø has announced on Discord that he will reimburse all IOTA theft victims with his own funds.

The screenshot of the announcement was reposted on a Reddit-thread by a user with the nickname "Trear."

IOTA Wants to Become More Decentralized

Sønstebø says a significant portion of his own holdings will go towards resolving an unfortunate incident citing the recent hacker attack which resulted in losses for the Trinity wallet users between $300,000 and $1.2M in IOTA tokens.

"I have made this decision to safeguard the IOTA Foundation's runaway," Sønstebø added.

Sønstebø also adds the procedure will require "some paperwork" on a user's part as well as KYC carried out by the IOTA Foundation.

IOTA Co-Founder Sells All His Coins and Leaves Project

Last year the IOTA (MIOTA) network fixed a bug in Coordinator that disabled confirmations of transactions for 15+ hours.

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