IOTA founder will reimburse Trinity wallet hack victims with his own money
- The Trinity wallet hack, which took place in February, caused a loss of about $2.3 million in crypto.
- Since the investigation into the hack is moving slowly, IOTA founder David Sostenbo will reimburse the victims from his own funds.
David Sonstebo, the founder of IOTA, will be reimbursing the losses incurred by Trinity wallet users out of his own pocket. In February 2020, an attack took place on the wallet and the firm had announced that it was investigating a suspicious situation with Trinity. The seemingly coordinated attack aimed to steal balances from 40 GI+ accounts. The IOTA team had asked all Trinity Wallet customers to stop using their mobile and PC wallets and not put any more funds in them. The total estimated losses of the hack totaled to $2.3 million in crypto.
Recently, the IOTA Foundation has launched a migration tool for the wallet users to keep their funds safely. However, Sonstebo has stated that since the investigation is moving too slowly, he will ensure that the victims of the hack receive their compensation by paying money from his own pocket.
To bring assurance to everyone here, I will commit to that all victims identified here shall be made whole again. A significant portion of my own holdings will go towards resolving this unfortunate incident.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
