In an attempt to protect users from loss of funds in an apparent attack, the IOTA Foundation has suspended IOTA's distributed network for the time being, the firm announced Thursday night. The nonprofit organization advised users to stop using their Trinity Wallets, while claiming that it has temporarily shut down the Network Coordinator node. It was designed to validate transactions and protect the network against attacks.
On its website , the current status of the IOTA mainnet is listed as " Not operational ," as shown below. According to the foundation, this action will ensure that no further funding is lost until they can investigate the issues that caused the outage.
[amazon box="B07FY5R77T"]IOTA published multiple reports
Before shutting down the network, IOTA announced on Wednesday that it is investigating suspicious activity involving the Trinity wallet. Trinity, developed by the same company, was initially launched in July 2019 as a secure software wallet for storing IOTA tokens.
After an initial investigation, we decided to shut down the Coordinator to ensure that no further losses occur until we discover the root cause of these thefts. Further investigations will be carried out from now on.
Communication by IOTA
The Germany-based foundation said it had received several reports of lost funds from users who had recently used Trinity. Therefore, it issued a warning to users not to open or use the wallet on their desktops until further notice. It also explained that it has been analyzing attack patterns with its newly developed kits. As the investigation continues, IOTA said it is also working with cryptocurrency exchanges, law enforcement agencies , and cyber forensics experts to investigate the coordinated attack.
Based on feedback from some exchanges, no part of the monitored funds has been transferred to another wallet or settled. However, IOTA said that they will keep users updated with the progress of the investigations.
