The IOTA Foundation, the nonprofit organization behind the distributed IOTA network, said on Thursday that user funds were stolen from the Trinity wallet.
The German-based organization announced on Wednesday (12) that it has deactivated the node that the foundation currently controls, which, under normal circumstances, guarantees the purpose and validity of individual transactions that are linked on the IOTA network.
The Foundation said it did this “to ensure that no further theft can occur until we discover the root cause of those thefts. More investigations will be carried out from now on. ”
As the investigation continues, the foundation said that evidence points to theft of seeds from users who used the Trinity wallet, but it is not yet known exactly what caused the failure.
Trinity is a portfolio solution developed by the Foundation to support the IOTA token.
Between $ 300,000 and $ 1.2 million in IOTA tokens are believed to have been stolen, according to IOTA Foundation co-founder Dominik Schiener in response to TheBlock.
The Foundation said it has already engaged relevant law enforcement agencies to investigate the problem and will share a report as soon as the investigation is completed.