theft opinions

Posts from various users of IOTA that provide a summary of the theft.

Victims view of iota wallet theft

It’s easy to say only the user is responsible! But I and many victims think IOTA Foundation and co-founders are responsible for that too!

Here are arguments:

1.     Multi-billion-dollar currency without a proper wallet; generally, it is even NOT a wallet but NODE interface, where you need to somehow generate your own key, because generating function is not build in. And also:

NO build in password protecting,

NO build in 2 Factor Authenticator,

NO secure from double spend on the same address, so you lose your whole money.

Wallet is the place when you store safe many of your keys. Can you do this in IOTA wallets? NO.


2.     If Iota sale their tokens on exchanges that are human interface, wallet have to be built for humans not to machines as it is now. It is big Iota neglect that is why people lost their money.


3.     On-line seed generator as https:// iotaseed. io exist many months before attack. They turn it off few days after attack. If every smart IOTA developer thought it is so obvious it is dangerous why they didn’t turn off such pages immediately?


4.     Seed generator as https:// iotaseed. io was probably made by one of IOTA developers. Very scary thing is this website was by google on the first place to generate your seed!


5.     You could get a heart attack checking where is your money where balance was 0: clicking reattach 50 times, changing nodes, snapshots etc. I am now even confused is it tangle network safe, were one nodes see your money and other nodes don’t see your money, we don’t have global consensus. If nodes don’t show your money they just shouldn’t be nodes!!!


6.     The coordinator is being run by the IOTA Foundation and have possibility to stop/pause all transaction as it was made before. Why IOTA Foundation didn't do this after first persons inform them about stealing? Then maybe only few iota wallets were lost.


7.     It's a great IOTA irresponsibility to put token on mainnet in this stage of development. Is should be still in testnet like others good developers do. Because of this IOTA irresponsibility we lost our money.


8.     Interesting how NEM track stolen funds immediately (around $530 million worth of cryptocurrency from the Coincheck exchange) and block hackers.

IOTA did not do anything when they could, when there was still time.

According to the statement, there were 260,000 users affected by the theft of the coins. Coincheck have said that they will refund them all using their own company funds.

If Iota Fundation claim have not Iota’s reserve, the Iota funders, main developers should admit their mistakes and give us back Iotas from their wallets. They for sure bought during ICO lots of Tera Iota and giving back this $5 million for victims is just a small fraction of their wallets.


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Jay Schulist