IOTA - Thousands of Wallets Compromised and Funds Stolen

[crimsongoth]

We have experienced similar events many times recently. I don't believe that these wallet applications are safe. Other than hardware wallets and paper wallets, there are a lot of problems.

[superresistant]

 
I hope people will learn from that. Password management and security is the real deal for everyone involved in crypto. No one can remain amateur and expect good results.
We are responsible for our money, we have no banks or system to blame.

Well, in the case of IOTA, it should not be advised on a website to use an online seed generator.

[Faraha_JJJ]

That's nasty! All our good investment are being compromised by wallet makers or by exchanges. When will it stop?

[MadMac]

It is getting now traction in Germany. People are advised to report the theft to local police.

http://www.pc-magazin.de/news/iota-kurs-vw-kooperation-shitstorm-wallet-diebstahl-folgen-stimmung-3198958.html

[Baronggot]

I think, no system is ever created to be perfect as hackers always making a way to access your account without your permission and steal everything you have in your wallet. This has not been a new issue about cryptocurrency anyway.

[Crytptohack]

There are a lot of new people to the crypto sector and when they try things on their own, they sometimes go blindly without assistance. That is why people searched for and used an online number/letter generator for the seed. It's like 80 characters long...

People that at least some experience changed the seed once they got it just in case.

So people saying 'why would they even use an online seed generator' have experience in the crypto sector and know better. A lot of new people do not know the consequences, but they will learn quickly that this is the wild wild west of investing/speculation...

[MadMac]

Volkswagen should reevaluate and consider what risk they put themselves and customers potentially into. Still no acknowledgement of the hack by IOTA itself, they still believe if they do nothing the shitstorm may just blow over them and go away. No.

[DigitalXYZ]

IOTA seems to be one hot mess right now.

[runz]

It's sad to see that people who are new to crypto don't research how to securely operate their wallets and start to blackmail the devs if something goes wrong.

[MadMac]

It's sad to see that people who are new to crypto don't research how to securely operate their wallets and start to blackmail the devs if something goes wrong.

What rubbish is that now? Who is blackmailing the developers? Nobody.

They made a mistake and did not think all through. They forgot to implement authorization, I wrote that already. The only mistake they make is not to acknowledge these  gaps and problems with their software, thus putting users at high risk. Which is unchanged.

[Zeneize]

Over $1.5billion stolen.

Really? How you know it was that much? This would be 20% of IOTA market cap.

That would absolutely cripple IOTA, you say it would be 20% of market cap but if that's the case I can see price falling as much as 80% or so. Such breaches if true really strike fear in to investors.

This fact, if confirmed, is totally astonishing. Are there any precise numbers already established? Bucause as soon as they are I guess the market wouldn't wait a second before reacting accordingly.

[MadMac]

This fact, if confirmed, is totally astonishing. Are there any precise numbers already established? Bucause as soon as they are I guess the market wouldn't wait a second before reacting accordingly.

The theft is still going on, most people do not even know their balance has been wiped out.

Damage is at least in the 2 digits mUS$ numbers.

[runz]

It's sad to see that people who are new to crypto don't research how to securely operate their wallets and start to blackmail the devs if something goes wrong.

What rubbish is that now? Who is blackmailing the developers? Nobody.

They made a mistake and did not think all through. They forgot to implement authorization, I wrote that already. The only mistake they make is not to acknowledge these  gaps and problems with their software, thus putting users at high risk. Which is unchanged.

Damn, now I'm discussing this with you again

You're writing always the same shit that only a noob could write. That is exactly what i mean.. do your homework first and then invest in cryptos

its not IOTAs problem, it's you carelessly give away your private key

[MadMac]

It's ok, you don't need to write any more, we know you don't get it . And I don't mean that negative. Just educate yourself. Information Security is a big topic, may look overwhelming, but there are some basic concepts like AAA, look that up for your own good.

[runz]

It's ok, you don't need to write any more, we know you don't get it . And I don't mean that negative. Just educate yourself. Information Security is a big topic, may look overwhelming, but there are some basic concepts like AAA, look that up for your own good.

LOL i was not even talking to you but you always have something to say. Your just trying to spread FUD because you came to the insight that you screwed it up

You are the guy who lost money so probably you should educate yourself about information security Like I said, my coins didn't get stolen

[MadMac]

It's ok, you don't need to write any more, we know you don't get it

[runz]

Really sad with all crypto newcomers who didn't get educated how to handle the coins This makes it to a paradise for scammers

[kaineh]

this is a serious blow to the world of crypto-currency. I'm just about to expand my coin portfolio. I think we should carefully consider the choice

[MadMac]

It has not been yet acknowledged by IOTA itself. They obviously still need to learn their lesson by being publicly beaten.

Do not invest any money in this coin. The problems persist, you risk all you put into it. Logging into the wallet by openly using your private key is simply dangerous and irresponsible from the devs.

[runz]

It is not devs fault if you disclose your private key to third parties