It’s quite unusual for a cryptocurrency community to grind to a halt. In the case of IOTA, the Foundation by some means managed to shut down the Tangle due to an incident.
When builders or a Foundation can “pause” a community, there’s something amiss.
The IOTA Network could be Paused
The core idea of cryptocurrencies is to be decentralized with out central authority or management.
In the case of IOTA, it seems there’s a point of centralization, albeit it might be an excellent factor on this regard.
By shutting down the Coordinator node – which might be eliminated altogether in a future up to date – potential harm to the community has been prevented.
The preliminary assertion mentions how the IOTA Foundation is working with regulation enforcement.
Apparently, there was a coordinated assault involving stolen funds.
It’s believed $1.6 million in MIOTA could have been stolen, albeit that determine has but to be confirmed.
Some proof hints at excessive a number of high-value accounts are affected, which can be brought on by an exploit in the Trinity desktop pockets.
It’s evident that the pausing of the community could also be the greatest plan of action in such a state of affairs.
It’s removed from ultimate, and can undoubtedly proceed to spark many debates throughout the world.