Hackers Stole $4M in IOTA

Hackers used information from seed generation website
22 January 2018   371

IOTA Community faced with hacker attack. Around $ 4 000 000 was stolen with the help of malicious websites providing users with a new wallet seed. This is reported by CCN.

When creating an IOTA wallet, users need to create a seed-key, consisting of 81 characters. Many users preferred to use online generators for such keys - websites that create passwords.

One of the sites passed information to scammers. Those used seed-keys and emptied the wallets of users. 

The attackers knew the seeds. You invited them into your wallet, by handing them your keys on a silver platter. The community of fullnode operators is discussing various strategies to better protect public community nodes from this specific and similar DDoS attacks in the future.

Ralf Rottmann
OTA Evangelist Network [IEN] member

The IOTA community encourages users to change elements of the seed in order to prevent any vulnerabilities. They have also been repeatedly pointing to the fact that the vulnerability has nothing to do with IOTA’s technology, and rather just seed generating services.

IOTA organizes a meetup in Paris

IOTA Foundation in partnership with L'Ecole 42 and Matrix is holding a meetup on May 28
21 May 2018   51

School 42 (L'Ecole 42) will be the gathering place for a meetup of IOTA Foundation members on May 28. The meetup will be organized in both French and English. Keynote speakers are IOTA Head of Business Development Wilfried Pimenta and Lead Ecosystem Team Lewis Freiberg. The featuring guest project is announced to be ENGIE Lab (ENGIE Group research and expertise centre for electrical power technologies, streamlining production processes, distribution and electricity supply).

The event is a chance to meet IOTA Foundation members and delve in the Distributed Ledger Technologies, the IoT and the so-called 'smart revolution' (i.e. smart energy, connected mobility, smart cities, industry 4.0, etc). Another topic of the meetup will be the Hackathon LedgerDays IOTA scheduled for June 11-12 at the same place – School 42. The hackathon will be announced and the preparation will start.

The event is co-organized with Matrix. To learn more about the meetup, you can visit the Eventbrite page here. At the moment of publication, IOTA market parameters are as follows:

Average price 1.78 USD
Market cap 4,959,488,089 USD
Volume (24H) 49,393,600 USD