Following the USD 11.4 million hack of technology group IOTA, a top official has confirmed to Reuters that nearly all of the funds have been recovered.
The hackers stole cryptocurrency funds from investor’s wallets on the IOTA platform by creating a malicious seed-generator running over the websites own page. When clients used the generator to create their 81-digit seed password, the hackers were able to capture and save the digits.
A 36-year-old man from Oxford, England was arrested last week on the grounds of stealing the funds from over 85 victims. It was initially thought to have been committed by an organized criminal group but officials now believe this man was the sole perpetrator. Authorities are withholding the funds to use as evidence in court.
Since the attack, IOTA has partnered with Ledger Hardware Wallet to enable users to protect their private keys for their IOTA tokens.
While of course any hacks or criminal activities that result in the unlawful loss of funds are unacceptable, it is a promising step that authorities are becoming increasing equipped to trace funds and find the criminals behind the offenses.
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