April 25, 2024

Founder of IOTA compensates for the loss of users from their own funds

On Saturday, March 7th, the deadline for IOTA users to move assets to new Trinity wallets expires.At the same time, the founder of the project, David Sonstebo, said that out of his own funds he compensates for the loss of users affected by the theft of funds in February.

According to Sonstebo, the law firm that conducts the case did not manage to present a compensation plan in time and assess the responsibility of the creators of the project.

“In order to guarantee everyone, I accept the factthe need for full compensation for all identified victims. I launched the IOTA project and was a co-founder of the IOTA Foundation and I consider myself responsible for the fact that I could not prevent such a situation. All these users are innocent victims. ”— he stated.

According to Sonstebo, much will be done.part of his own funds. He also added that at the moment, the IOTA project is extremely close to fully implementing the technology and achieving its mass distribution.

At the same time, the IOTA Foundation continues to work with law enforcement and does not lose hope of finding an attacker.

“We still intend to find him, but the thingis the responsibility of the authorities and I cannot disclose all the details. I do not want to give false hopes. There is too much great news ahead, which should be paid attention to, "– Sonstebo added.

On February 12, attackers withdrew funds from several Trinity wallets, allegedly gaining access to seed phrases before this. Losses amounted to about $ 2.4 million.

IOTA team during investigationthe incident stopped the transfer of assets in the network, stopping the work of the Coordinator - a transaction confirmation mechanism. Later, the developers introduced a safe version of the wallet, but the network did not resume.

Earlier this week, developers recommended using the Seed Migration Tool to migrate tokens to new secure addresses. This must be done before 17:00 UTC on March 7.