IOTA Halts Network to Investigate Trinity Wallet Attack That...
Cryptocurrency, News

IOTA Halts Network to Investigate Trinity Wallet Attack That Resulted in Stolen Funds

On February 12, the IOTA Foundation published on its official twitter account about a suspicious attack with its Trinity Wallet. It warned users not to open or use the Trinity Wallet on desktop until further notice.

The main targets for this attack were mainly 40 GI+ accounts, with the culprits beginning to steal their funds. It is believed that, the attackers either know the seed phrases to those wallets or used different methods to crack them. 

In order to deal with the ongoing attack, IOTA published on February 13 that it has halted its network. It announced that the team is working with law enforcement and cyber security experts to investigate the coordinated attack. How long the network outage will last is still not known.  

IOTA has revealed very few information about the attack, probably to prevent other bad actors from carrying out similar attacks. However, the team has revealed the magnitude of the attack in a recent update. They have used KYC information to reach out to victims. They are currently in contact with about 10 victims which they believe could likely account for half of all victims. 

Though the number of wallets that have been compromised are very few, whopping sums of money have been lost. The team predicts that approximately $300,000 – $1.2 million in IOTA tokens has been stolen so far.

 Featured Image Courtesy of Shutterstock

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.

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