IOTA Foundation has suspended the network (Coordinator node) after receiving the reports of theft for further investigation. According to the official announcement, the coordinator is halted until further notice.
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IOTA Foundation is evaluating an exploit
The official post further explained that, IOTA Foundation is assessing various probable reasons such as exploit of an old Trinity version with all its dependencies.
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).
According to IOTA Foundation, the most proof is leading towards seed theft, the cause is still obscure and under inquiry. Victims all appear to have lately used Trinity. The official IOTA Foundation account tweeted that
Currently, #IOTA is working with law enforcement and cybersecurity experts to investigate a coordinated attack, resulting in stolen funds. To protect users, we have paused the Coordinator and advise users not to open Trinity until further notice. Updates: https://t.co/ME3Cvki3k9
The IOTA foundation also stated that many cyber forensic specialists have joined the probe to execute deep scans of Trinity’s territories as well as altered systems. Due to the continuous inquiry of the root cause, IOTA will stop value transactions on the network. The data transactions are not affected.
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IOTA runs the Coordinator
IOTA is based on a tangle structure. Each new transaction must confirm two old ones in order to be able to be self-confirmed. The coordinator is a central entity that secures the Tangle with a kind of safeguards, the so-called milestones (milestones). This is necessary because at present too few transactions are carried out to secure the completely decentralized network. The whole transaction chain that was confirmed by a milestone cannot be changed anymore.
Every minute the Coordinator executes a typical transaction with its sign on it, these are known as Milestones. Every transaction (also Milestones) establishes two other transactions. When users need to understand if a transaction is established, they discover the latest Milestone and notice if it obliquely confirms other transactions.
