IOTA/USD Medium-term Trend: Ranging
Resistance levels: $0.26, $0.30, $0.34
Support levels: $0.20, 0.16, $0.11
The market valuation of IOTA/USD witnessed a definite increase up to the price point of touching a resistance at around $0.023 mark yesterday. Towards the end of the trading sessions yesterday as well, the crypto started slightly reversing at that market level.
Today, the crypto-market has been moving in a range mode around $0.23 and $0.22 price levels. Price has now been trading around the 50-day SMA’s trend-line. The Bollinger Middle Band is located a bit below the 50-day SMA. The Stochastic Oscillators have slightly conjoined below range 75. That suggests that a kind of price consolidation movement is on-going.
It now appears that bears are somewhat getting prepared to stage a come-back as the crypto has hit a resistance below $0.24 level.
IOTA/USD Short-term Trend: Ranging
About two days back, a spike occurred in the IOTA/USD price valuation and that eventually led the crypto to test $0.235 mark yesterday. The US dollar market, later on, gained the market driving force advantage at the expense of IOTA’s inability to push the price line northward further.
Just as in the case of the medium-term run, $0.23 and $0.22 are the range zones depicted in the short-term chart also. The Bollinger Lower Band and the 50-day SMA have conjoined at the lower range zone. The Stochastic Oscillators have crossed to point south at range 40.
Indicators have had it that the current range zones are most likely to be broken southward to signify bearish market resumption.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute inancial advice. Always do your own research.
IOTA Wallet Attack Results in $1.6 Million in Stolen Funds
It’s happened again, folks. Another cryptocurrency hack is in the books, and this time, the victim is IOTA, the 23rd largest cryptocurrency by market cap.
The IOTA Foundation Is Working to Stop Hackers
The IOTA Foundation has decided to shut down its entire network (albeit temporarily) following a simple wallet hack in which attackers walked off with millions in crypto funds. The event is reported to have occurred last Wednesday on February 12. On Twitter, the Foundation released the following message:
We are currently investigating a suspicious situation with Trinity. Please do not open or use Trinity on desktop until further notice.
As a means of combating the vulnerability, IOTA is completely revamping its system and will release a new version of its Trinity wallet soon. According to a blog page, the wallet is still “in progress.” The company explained:
This version will be first and foremost, safe. We have identified the vulnerability and it has been removed from the wallet. This version will allow you to open the wallet and check your balance and transactions. When released, we ask that if you see any unusual activity on your accounts to contact the Discord mod team or IOTA Foundation members directly. Please be aware that there are unfortunately active imposters posing as IOTA Foundation personnel on our Discord. Therefore, it is important that you directly initiate contact with the IF or mod team.
As a means of combating the malicious actors, IOTA shut down a node that’s known as “coordinator.” This node allows transactions to go through and decides if financial transfers are safe. The shutdown is designed to prevent any further activity from the attackers, which it has done at press time, though it has also resulted in the entire network being unable to function.
The IOTA team is actively investigating the hack. Members of the organization claim that attackers may have targeted as many as ten IOTA accounts to get their fingers on funds that didn’t belong to them. Team members themselves are not passing word regarding on how much money has been stolen, though outside sources claim the number exceeds $1.5 million.
A Lot of Money Stolen
IOTA has also commented that legal authorities have entered the fray and are assisting in the investigation. They are hoping to uncover the identities of the hackers soon. In the meantime, the company blog page reads:
We appreciate your patience, right now. We are doing everything we can to resolve this incident in as a secure and smooth a way as possible… We have made substantial progress with the investigation and remediation plan today. We will continue our work with law enforcement and our in-depth analysis of exactly what happened with a remediation plan to secure the funds of Trinity users.
IOTA is currently trading for about 29 cents
IOTA RELEASES PATCHED TRINITY DESKTOP WALLET
- IOTA Warns of Scammers Active on Discord Channel
- A History of Issues
The IOTA Foundation announced the release of a safe Trinity wallet version for desktop, while investigating missing funds.
IOTA WARNS OF SCAMMERS ACTIVE ON DISCORD CHANNEL
The IOTA Foundation warned owners trying to check their balance not to trust contacts on the official Discord channel. Scammers are contacting participants with claims on being able to recover lost coins. For now, the IOTA network remains virtually closed for about five days already, while the network reported rogue transactions and stolen funds. Users can download the new Trinity wallet desktop version to check balances and report missing funds. the IOTA Foundation team announced,
Balances and transactions are fetched on login. If your balance does not look correct or you have unrecognized outgoing transactions, please contact a Discord mod or member of the IOTA Foundation directly on Discord. Please be aware that there are unfortunately active imposters posing as IOTA Foundation personnel on our Discord
The missing balances are still being investigated, and value transactions are not possible through the IOTA network. The team was able to shut down the network, while essentially revealing its dependence on the coordinating server. For now, the project’s developers have not launched the Coordicide protocol, which would allow decentralized consensus, and final IOTA balances have now been determined by the server.
A HISTORY OF ISSUES
This is not the first time that IOTA tokens have been stolen. Beyond errors and undiscoverable balances on the distributed graph, IOTA has been stolen through tainted wallets. Back in 2018, a hacker offered a tainted seed generator service and was thus able to access IOTA worth $11 million at that time.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Love Affair! Play Now!
This time, the Trinity desktop wallet may have lost between $300,000 and $1.6 million of value. The Trinity mobile wallet is reportedly not affected, though users are advised not to reopen the app before a new version appears. The exact nature of the exploit remains unknown, but the community sees the possibility for third-party vulnerability:
Just days ago, the health of the network was viewed as a positive indicator of future developments.
However, the missing balances were one more blow for the project. For a couple of years now, the direction of the project has been compromised, with fighting between the IOTA Foundation and lead IOTA developer Sergey Ivancheglo, also known as Come_From_Beyond.
MIOTA market prices are back down to $0.26, as the asset price remained pressured by the infighting and the news of the frozen network. MIOTA is one of the assets that failed to bounce during this year’s altcoin recovery.
IOTA team released wallet update, transactions are not resumed; IOT/USD stays under pressure
- IOTA developers released a new version of the desktop wallet, however it is only partially functional.
- IOT/USD stays under pressure amid signals of upcoming correction.
IOTA hit an intraday low at $0.2602 during early Asian hours and recovered to $0.2690 by the time of writing. The 24th largest digital asset has lost nearly 9% of its value in the recent 24 hours amid massive sell-off on the cryptocurrency markets. The coin has been losing ground since February 12, when major vulnerability of IOTA’s flagship wallet was discovered.
IOTA updates Trinity, transactions are still disabled
IOTA developers updated the desktop Trinity Wallet to remove major vulnerability discovered on February 12. However, transactions on IOTA blockchain have not been resumed as of yet.
The new version of Trinity allows users to check their balances and transactions; however it is not a fully functional wallet as several functions, including transactions, are not available. The developers explained that the complete recovery would take more time.
The Coordinator remains down for now as we finalise our remediation plan. You will not be able to send value transactions. We will post an additional update soon detailing the plan going forward.
The team invites users to check their balances and report to Discord mod or member of the IOTA Foundation directly on Discord if they do not look correct.
The mobile version of the wallet was not affected by the attack, but the developers ask users not to open it until a new version is released.
IOT/USD: Technical picture implies that technical correction may be around the corner
IOTA broke below the lower line of the daily Bollinger Band at $0.2740, which usually signals that a technical correction from an oversold area may be underway. If this happens, a sustainable move above $0.2740 will open up the way towards $0.2880-$0.2900 (the upper boundary of January consolidation channel) and psychological $0.3000. A strong move higher will help to mitigate the downside pressure and improve the short-term technical picture.
On the downside, the initial support is created by an intraday low of $0.2602. Once it is out of the way, the sell-off is likely to gain traction with the next focus on SMA50 daily at $0.2500 and SNA200 daily at $0.2460.