Funds stolen from US$ 881m crypto network IOTA

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An undisclosed amount of funds have been stolen in a cyberattack on the crypto network IOTA. The team behind IOTA has paused the network as it investigates the incident.

The crypto network IOTA, the world’s 23rd-largest cryptocurrency with a US$ 881m market cap, has announced that it has switched off an IOTA-operated node responsible for verifying transactions on the network. IOTA says it took the “Coordinator” node offline to prevent hackers from doing further damage while engineers work to figure out what happened.

The IOTA Foundation advises investors against using IOTA’s Trinity wallet after determining that 10 victims of the hack had recently used the app. On Twitter, it said, “Currently, IOTA is working with law enforcement and cybersecurity experts to investigate a coordinated attack, resulting in stolen funds. To protect users, we have paused the Coordinator and advise users not to open Trinity until further notice.”

Latest update

In a more recent tweet, IOTA said the hack had been found, writing, “Update: After successfully finding the exploit, the team is currently working on a strategy to mitigate any further risk for token holders and resume complete network operations. More information will be published soon.”

Since the initial announcement of a possible cyberattack, IOTA’s value in the cryptocurrency marketplace has dipped from US$ 0.34 to just under US$ 0.32 at time of writing, according to CoinMarketCap.

(Source: IOTA)

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