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IOTA Foundation investigates fund theft in Trinity wallet

Fri, 14 Feb 2020, 04:52 am UTC

IOTA Foundation, the nonprofit organisation behind the IOTA protocol, is urging users to close their Trinity wallets following fund theft reports.

In an online post, the foundation said that it started receiving several reports of fund theft on Wednesday, Feb. 12, and started investigating the matter.

“After initial investigation we decided to turn off the Coordinator to make sure no further theft can occur until we find out the root cause of these thefts,” it said on Wednesday.

On Thursday, based on its investigation, the foundation said that it had identified 10 victims and all of them were found to have recently used Trinity. “Most evidence is pointing towards seed theft, cause still unknown and under investigation,” it added.

In its latest update dated Feb. 14, the foundation said that it is still evaluating multiple possible root causes, including an exploit of a previous Trinity version.

“We have been working on the investigation of attacked seeds and analyzed the attack pattern, using a set of newly developed tools, as well as finishing a complete manual verification (to validate tooling reliability),” it said.

The foundation revealed that several cyber forensic experts have also joined the investigation to perform “deep scans of Trinity's dependencies as well as affected systems.”

“First (but not all) exchanges have responded, reporting that no monitored funds have been transferred or liquidated,” it added. “Due to the ongoing investigation of the root cause, we will continue to halt value transactions on the network. Please note that data transactions are not affected.”

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