IOTA Foundation stops blockchain to prevent stolen funds

IOTA Foundation

IOTA Foundation has announced that it is working with law enforcement and cyber security experts to deal with the stolen funds. It is being said it was a coordinated attack. To protect funds of the users, they have paused the coordinator and has advised users not to open Trinity wallet until further notice.

Around 0.3M-1.2M worth of tokens has been stolen from users of Trinity wallet.

This clearly does not sounds like a decentralized ecosystem as one user on twitter pointed this out.

Udi, who often critizes ethereum said IOTA is going to exit scam.

We are not saying this is end of IOTA, but one should not be able to pause a blockchain. This is like saying “I sent BTC to wrong address, can BTC foundation stop it and get my funds back?”

 

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