The IOTA payment network shutdown lasted 27 days after an unknown hacker broke through Trinity’s security protocols and stole $ 1.6 million tokens from unsuspecting victims. Fortunately, the IOTA Foundation managed to intervene in time because it controls the network through the Coordinator tool and co-founder of the project David Sønstebø promised to personally compensate each victim. However, the network remained inoperable after the hack.
Shortly after the incident, the IOTA Foundation created a special tool to move coins to a new seed during a shutdown. However, it only worked until 7 March. It is no longer necessary, as it is again possible to send tokens from one wallet to another. If you had an IOTA in your Trinity wallet, you better move it to a new seed.
IOTA will recover from this incident for a long time
The network is running smoothly, but it will take some time to restore market confidence in the project. Trinity Wallet was considered very safe and was the pride of the IOTA Foundation.
However, we have no doubt that IOTA will get out of this and this hack will gradually be forgotten. This project has a strong and talented team and enough money. Moreover, the IOTA protocol itself was not broken.
Is it worth shopping now?
The price of this coin is currently falling as the rest of the market. However, IOTA is worse by the fact that it has to face negative fundaments and almost a month of network shutdown. Many traders prefer to liquidate their positions in this project.
Coin moves at very low values comparable to the beginning of the year. Network downtime is definitely not the only negative fundament that the IOTA Foundation is bothering. The main developer and cofounder Sergey Ivancheglo has also left and is threatening the court!