IOTA Foundation, the nonprofit organization behind the IOTA cryptocurrency, has shut down its entire network this week after hackers exploited a vulnerability in the official IOTA wallet app to steal user funds.
The attack happened this week, Wednesday, on February 12, 2020, according to a message the foundation posted on its official Twitter account.
According to a status page detailing the incident, within 25 minutes of receiving reports that hackers were stealing funds from user wallets, the IOTA Foundation shut down "Coordinator," a node in the IOTA network that puts the final seal of approval on any IOTA currency transactions.
The never-before-seen move was meant to prevent hackers from executing new thefts, but also had the side-effect of effectively shut down the entire IOTA cryptocurrency.
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