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.
>> You like trading? Then come into our trading group and discuss with us<<
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
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.
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.
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- The IOTA Coordicide is Coming!
- IOTA Guide – Everything you need to know about IOTA Crypto
- Conservative Cardano Prediction for 2023 – How high can Cardano go?
- These 5 Projects have Great Potential
- IOTA Price Prediction 2023: IOTA Price To Touch $1 Soon?
- Jaguar Landrover Incorporates IOTA Technology into its Models
- Did IOTA plagiarize NKN’s consensus model in the Coordicide?
- Crypto Millionaire: Buy THESE Cryptos before they BOOM in 2023?
- Crypto Market: Golos +371%, bZx/Chainlink Partner, On-Chain Analysis etc.
- IOTA Introduces Permanode
- IOTA Price Surges After Bosch Investment
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- IOTA Price Prediction: Are Things Looking Bad for IOTA?
- IOTA Prediction 2022: What happens after the FTX crash?
- XRP Price is about to BOOM if the crypto market recovers! Buy $XRP?
- IOTA Qubic: Explained
You might also like
More from Altcoin
The crypto market is moving higher! Based on current market trends and expert analysis, here are the top 3 altcoins …