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
Published on Feb 14, 2020
by Cryptoslate | Published on Coinage
Mentioned in this article
Bitcoin in precarious position as Dow Jones enters correction territory on Coronavirus fears
The global markets have been caught within extreme turmoil over the past several days, with the rapid spread of the Coronavirus striking fear into the heart of investors.
Adam Back slams Vitalik Buterin, defends Bitcoin's bullish stock-to-flow model
Bitcoin bulls have long been looking towards its stock-to-flow model as an accurate pricing model that forecasts that the crypto will see a tremendous near-term upside, with the model suggesting that a movement towards $100,000 could be looming on the horizon.
In a Doge-Eat-Doge World, Can Every Altcoin Survive?
A few experts in this area took the stage at CoinSummit San Francisco on Wednesday 26th March in a talk that included litecoin creator Charlie Lee, dogecoin founder Jackson Palmer and Paul Vernon of the altcoin exchange Cryptsy.
Dogecoin's Jackson Palmer on Fast Transactions and Many Tips
Dogecoin is an unlikely cryptocoin experiment that, against the odds, has taken off - mainly as a digital tipping tool for sending tiny amounts of value.