IOTA, a blockchain project aimed at resolving the integration with the Internet of Things (IOT), has been attacked or a vulnerability has been exploited in the Trinity wallet application. The foundation has recommended that users not open Trinity, until they have found the cause of the exploit.
About $ 1.6 Million USD worth of #iota have been stolen from ~ 10 high-value accounts. Bug is likely in the (official) desktop wallet. Network completely stopped for nearly 24 hours now.#IOTAstrong just keeps on giving. pic.twitter.com/CMwyRRtYy0
– 00xou (@ 00xou) February 13, 2020
Trinity is a wallet that is available for mobile devices, Windows and MacOS, so a wide variety of users could be affected, however, the first reports have only accounted for 10 victims. Half of the reported victims are in communication with the IOTA team.
The IOTA Foundation is still investigating the reports and will publish a full summary once the investigation is completed. They cannot rule out other causes at this time.
If he has been affected, the team urges him to communicate through his Discord #help channel. They also have an official page with current research updates, here.
This is not the first time that IOTA has security problems
IOTA wallets have had security vulnerabilities in the past. It was reported that the first implementations of the IOTA wallet were unstable and caused the loss or sending of tokens to incorrect addresses. Many of the first users had complaints, and the team responded by making a series of improvements to the wallet.
IOTA corrected the crypto vulnerability shortly after, but was commented by independent cryptographic researchers. IOTA insisted that MIT misrepresented the risks, as well as their findings.
In another incident with a malicious actor, a British hacker stole more than $ 11 million in IOTA tokens and was arrested by police. The IOTA Foundation was able to recover almost all stolen funds, but it still suffered a reputational blow to security vulnerabilities.