For over two weeks now, the Iota network has been down, with MIOTA token-holders being unable to facilitate any transactions since Feb. 12. This is because a hacker was able to make off with over $2 million from Iota’s native Trinity wallet, causing the project to lose around 40% of its value — which has been touted to be worth almost $400 million — since the network was turned off.
The Iota Foundation has downplayed the severity of the hack, but a number of indicators suggest far more wallets might have been compromised than the Iota Foundation has so far announced. And while funds may have only been stolen from a limited number of wallets, the vulnerability in question has likely existed for an extended period of time. It is also quite possible that the hacker was able to obtain the wallet seeds from everyone who used the Trinity desktop wallet while the vulnerability was active.
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