IOTA Shuts down it's mainnet as investigations is ongoing about stolen funds

[Baofeng]

I don't know if you guys have heard about this:

Investigating stolen funds on Mainnet

Currently the Coordinator is halted until further notice to investigate reported issues with stolen funds. We ask you to keep the Trinity wallet closed for now until further notice.

Official statement can be found here: https://status.iota.org/

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[Febo]

Yup. I wonder if there is coincidence that this attack happened soon after there was a dispute among two founders about some IOTA that were in JINN labs. I read about that like a week or two ago. It was here https://bitcointalk.org/index.php?topic=5223613.msg53784627#msg53784627

[Pecunia non olet]

That is very very bad news for IOTA because it only shows how centralized this project really is. IOTA will have problem to gain the popularity back again after this incident because everyone will know what happen. The situation is similiar what happened to Ethereum after DAO hack.

[Stalker22]

I'm surprised that such news is not yet reflected on the IOTA price. Or did the exchanges already stopped all transactions?

[jacafbiz]

All these projects that do not know what they are doing, imagine Bitcoin network being shutdown until further notice, some people do not get it that a centralize system is a center point of failure. IOTA was marketed as the next best thing in the space but what we not is that it is offering the opposite of what it was marketed to be

[shiming]

My God, I still have iota in my wallet. For a decentralized project, you ca n’t shut down the block mainnet because the project funds are stolen. This is a very fatal blow to a project. I ’m not sure about the accuracy of the news. If that's the case, for such a project. I think I will rethink it. Because, for decentralized projects, such operations are causing people to have bad ideas.

[Febo]

I'm surprised that such news is not yet reflected on the IOTA price. Or did the exchanges already stopped all transactions?

The thing in crypto is that there are no bad news. Any news is good news. When con have 51% attacks their price grows 10%.  Worse for coin is to have no news at all. Even if their development and use case is perfect their value is very low. 

[Baofeng]

IOTA though lost like 9% in the last couple of days, it could be attributed to this news or just the market is  on a correction phase again, all crypto are in sea of red including BTC and ETH.

And per their twitter account:



https://twitter.com/iotatoken/status/1228452593044602881

[knuckey]

IOTA though lost like 9% in the last couple of days, it could be attributed to this news or just the market is  on a correction phase again, all crypto are in sea of red including BTC and ETH.

And per their twitter account:



https://twitter.com/iotatoken/status/1228452593044602881

It seems like this is good news that has resolved the problem that occurred at mainnet iota, but I expect a lot that the stolen funds do not worsen market conditions that are undergoing correction and also hope that none of the iota holders will suffer losses due to this case.

[Kotone]

That is very very bad news for IOTA because it only shows how centralized this project really is. IOTA will have problem to gain the popularity back again after this incident because everyone will know what happen. The situation is similiar what happened to Ethereum after DAO hack.

Centralized? Just because it got hacked. IOTA isnt a type of blockchain mate. They incorporating Dag Technology and the first one to employ it. How come can you compared IOTA to rubbish hackable which cant regain their popularity? Come on..

My God, I still have iota in my wallet. For a decentralized project, you ca n’t shut down the block mainnet because the project funds are stolen. This is a very fatal blow to a project. I ’m not sure about the accuracy of the news.

This is the exact thought on my mind. I hope IOTA can fixed this mess but still supporting them. News is accurate and the source is credible. So indeed they got hacked.

[pakhitheboss]

I don't know if you guys have heard about this:

Investigating stolen funds on Mainnet

Currently the Coordinator is halted until further notice to investigate reported issues with stolen funds. We ask you to keep the Trinity wallet closed for now until further notice.

Official statement can be found here: https://status.iota.org/

This will have serious implications on IOTA future. This will simply ruin the trust that investors had on this project and will significantly reduce its popularity. This simply shows how centralized this  cryptocurrency is. I am sure many of its existing holders will now leave it as soon as possible.

[TastyChillySauce00]

That is very very bad news for IOTA because it only shows how centralized this project really is. IOTA will have problem to gain the popularity back again after this incident because everyone will know what happen. The situation is similiar what happened to Ethereum after DAO hack.

Centralized? Just because it got hacked. IOTA isnt a type of blockchain mate. They incorporating Dag Technology and the first one to employ it. How come can you compared IOTA to rubbish hackable which cant regain their popularity? Come on..

People above you is true and you are the one who doesn't understand how centralized the DAG system is. Even if it's not a blockchain but that's a truly centralized system and look at the title of the news that already mentioned by OP. IOTA has shutdown the mainnet and what fuck is this thing? that has proven if DAG is a truly centralized system.

[Barbut]

That is very very bad news for IOTA because it only shows how centralized this project really is. IOTA will have problem to gain the popularity back again after this incident because everyone will know what happen. The situation is similiar what happened to Ethereum after DAO hack.

Centralized? Just because it got hacked. IOTA isnt a type of blockchain mate. They incorporating Dag Technology and the first one to employ it. How come can you compared IOTA to rubbish hackable which cant regain their popularity? Come on..

People above you is true and you are the one who doesn't understand how centralized the DAG system is. Even if it's not a blockchain but that's a truly centralized system and look at the title of the news that already mentioned by OP. IOTA has shutdown the mainnet and what fuck is this thing? that has proven if DAG is a truly centralized system.

Some people made a lot of funny comments about this situation, the most interesting one was about pausing the main network! How is that possible with a decentralized system? It's not possible, that's the illusion. This move from IOTA made me think about my holdings, I have some IOTA for a long time now, and until I saw this I thought it's a good long term investment, now I am not sure in that.
What should we do now? To keep holding and investing in IOTA or to dump IOTA and move to some real decentralized coin?

[tvplus006]

I'm surprised that such news is not yet reflected on the IOTA price. Or did the exchanges already stopped all transactions?

I noticed that IOTA is not all right, after I saw that the price of the coin fell every day by 7-10 percent. I even had a desire to invest in this coin. But I first used the search for news about IOTA and there I saw this news. And until this problem is solved, you need to refrain from investing in IOTA.

[pawanjain]

This thing is big bud. Blocking the mainnet shows the people how centralized this project can be.
Even if the investigation was supposed to happen, they should not have blocked the mainnet since it has now created a panic in the market.
All of this incident has created a bad reputation for IOTA according to me. People will rethink now before investing in the IOTA project.