HomesecurityIOTA cryptocurrency: Closed the entire network due to hacking attack

IOTA cryptocurrency: Closed the entire network due to hacking attack

The IOTA Foundation, the nonprofit organization behind it IOTA cryptocurrency, had to shut down the whole network its after one hacking attack. In particular, the hackers took advantage of one vulnerability in the official IOTA wallet app to steal their money users.

The attack was made known by the organization itself through a post on the official account Twitter. The attack took place on Wednesday, February 12, 2020.

According to the announcement of the organization, within 25 minutes, from the moment the theft of cryptocurrency was realized, the IOTA Foundation closed the "Coordinator“, A node in network IOTA that gives final approval to any IOTA cryptocurrency transaction.

This move was able to immediately prevent more thefts, while shutting down the entire IOTA network.

The Coordinator node, along with the IOTA network, is still closed at this time. The employees of the IOTA Foundation and experts security investigate the incident violation.

The hackers took advantage of vulnerability in Trinity wallet

IOTA members said the criminals took advantage of one vulnerability on Trinity wallet app, a mobile and desktop application created by the IOTA Foundation.

According to the data so far, it is believed that the hackers targeted at least 10 'high-value' IOTA accounts using vulnerability in Trinity wallet.

The IOTA Foundation itself has not mentioned exactly how much money was stolen from users' wallets. However, outside sources report that IOTA was stolen cryptocurrency worth $ 1,6 million.

The authorities have been informed of the incident and investigations have been launched to identify the perpetrators.

IOTA is working on an update to the Trinity wallet app to fix the vulnerability. Initially, they were instructed users not open their wallets until the update is released. This still applies to its users mobile devices application. However, the desktop version update has already been released, so users can access it download and install it on Appliances their.

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