Although the IOTA Foundation has taken different steps to prevent a further attack, IOTA plunged over 12 percent following the hack.
On Feb. 12, the IOTA Foundation released a statement indicating that it was investigating a "Suspicious situation" with its official wallet, Trinity.
The IOTA Foundation said to be working with law enforcement to further investigate the coordinated attack.
The price of IOTA took a significant nosedive as the "Suspicious situation" was first reported on Feb. 12.
The TD sequential indicator was able to predict that IOTA was bound for a correction on Feb. 12.
Despite the major downturn and the importance of the Trinity wallet hack, IOTA seems to be preparing for an upswing.
On its way down, IOTA could find support around $0.296 and $0.284.Moving forward.
As the IOTA Foundation continues investigating what could have led to the recent vulnerability exploit in Trinity, it is worth noting that this is not the first time that it faces security issues.
In late 2017, several users reported that IOTA's official wallet was unstable allowing tokens to be lost or sent to wrong addresses.
In early 2019, a British hacker was arrested for stealing over $11 million worth of IOTA. According to Tone Vays, a former Wall Street trader and VP at JP Morgan Chase, this type of exploits would likely continue to happen due to the high levels of centralization in IOTA's protocol.
IOTA takes a nosedive following Trinity wallet hack
Veröffentlicht auf Feb 14, 2020
by Cryptoslate | Veröffentlicht auf Coinage
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.