IOTA to shut down its entire network after the hack

Bit Team
3 min readFeb 17, 2021

The bad news for IOTA, confirming that its network was the victim of a coordinated attack that led to the theft of tokens among the holders of this cryptocurrency, was worsened by the resentment of the crypto community towards the centralization of the network.

Hacking revealed the whole truth about the IOTA network

The crypto community was shocked by two news: the first about the hacking of the IOTA network and the theft of tokens, and the second, and most shocking, is the complete centralization of this blockchain.

“After receiving several reports of thefts that seemed unusual in a short period of time, we decided to warn our customers via Discord and Twitter: as a precautionary measure, we ask you to keep your Trinity wallet closed for now”, the network’s managers said.

As a result, IOTA has completely disabled activity on its network to prevent further token theft.

The team also advises users not to use the Trinity wallet while they wait for the experts to complete their work to learn more about this hack and the losses. It appears that the hackers had easy access to users ‘ funds directly on the Trinity cryptocurrency wallet.

The IOTA Foundation says it has suspended the coordinator, an IOTA-managed node that verifies all transactions on the network, thereby blocking any exchange of IOTA tokens on its network.

Although this indicates that this is necessary to protect users ‘ funds and to be able to work with the authorities to determine where this hacking is coming from and how to stop it, another question arises — about the centralization of the IOTA network.

This shocking crypto community decision indicates that this network is completely centralized, and the IOTA team can monitor and stop all activity on a network where decentralization has proven to be just a myth.

The Verge blockchain was once again the victim of attack 51%

Even in the full blaze of passion around the hacking of the IOTA network, as new troubles hit altcoins. The network of the popular DeFi coin was again the victim of a 51% attack.

This is not the first and probably not the last time that the Verge (XVG) blockchain has been attacked by 51%.

The 51% attack is aimed at getting control over the blockchain. Judging by the messages posted on Twitter and Medium by the Verge team, the attackers seem to have failed. The team responded to the attack in time, and took all security measures.

So far, they have successfully deleted the last 200 days of XVG’s transaction history according to Twitter accounts, reorganizing more than 560,000 blocks in the Verge block chain.

Many cryptocurrency exchanges, such as Binance, have stopped trading on XVG wallets, and are waiting to learn more about the situation.

“We have written a brief explanation of what has happened in the last 24 hours. Your funds are in the Safe Assets Fund (SAFU)”, says the Verge team. However, this blockchain regularly falls victim to this type of attack and has lost the trust of the crypto community.

The XVG cryptocurrency owes its popularity to the fact that it was integrated into the x videos Pornhub site. In fact, Verge paid to offer it as a payment method on the well-known x movies website.

Since then, this blockchain has been subjected to several 51% attacks, and this problem persists and is repeated regularly.

Litecoin LTC founder Charlie Lee warns about this type of cryptocurrency, which is easy prey for attacks of this kind.

“Verge has just been attacked by 51%. Always beware of tokens that are well compatible with NiceHash.

When there is no prepayment, the additional costs can be quite low. And it would be easy to conduct a 51% attack, and update the channel”, he said on Twitter.

The Verge team has released an update for validators that have Verge nodes in the blockchain. The XVG blockchain states that it is working to ensure that this does not happen again, and that it no longer falls victim to these attacks.

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