$4M Stolen from IOTA wallets

During the last weekend, some IOTA users denounced a loss of funds. Immediately, the IOTA team and other developers tried to understand what the problem was. The result of this research a very simple: stolen SEEDs.

A SEED is similar to a private key, each wallet, in order to work properly, needs to have a public and a private key. The most important key, between the two, is the private one, obviously. Without the private key, you cannot access your funds and vice-versa.

The attack has been successful because lots of users generated their SEEDs online, thanks to services like iotaseed.io.
IOTA technology is secure, the attacker did not leverage any vulnerability.

Given the decentralized nature of a distributed ledger, these transactions cannot be reversed, thus victims cannot have their funds back.

During the theft, the IOTA fullnodes were under a serious DDoS attack. Doing so, the victims could not access their funds and move them.

The attackers knew the seeds. You invited them into your wallet, by handing them your keys on a silver platter.

The IOTA community is now trying to find a solution to better protect its nodes and users.

If you need help, visit the OFFICIAL IOTA FORUM.

Source

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