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IOTA market overview: IOT/USD price spikes up following partnership with Trive.Park

  • Parking garage owners can now digitize their asset and monetize it using the Trive.Park app.
  • IOTA has been deemed the best fit because it can process microtransactions with virtually no fee.
  • IOT/USD responded by going up from $0.24 to $0.261 this Thursday.

To facilitate easy booking and payment of parking spaces, German company Trive.Me has launched a new app Trive.Park. Motorists can now book and reserve parking spaces in advance. According to an EDAG Engineering report, users will have to pay for parking space and communicate with the garage over the Tangle, making the whole transaction quick. Through an online reservation system, the Trive. Park app will allow parking garage owners to digitize and monetize their asset.

Alexander Süssemilch, Trive’s Head of Product, thinks that IOTA is the best fit for the platform because the network can process the required microtransactions with virtually no fee. The firm stated that technology like IOTA can significantly disrupt the mobility industry, allowing users to experience a new level of efficiency for a lesser cost. 

IOTA is headed towards eliminating their centralized validator node. This is a big step towards their vision of decentralized micropayments. However, network security can be comprised if the move is not executed at the right time.

IOT/USD daily chart

fxsoriginal

IOT/USD flew up on the back of this news and went up from $0.24 to $0.261 this Thursday. The bullish momentum continued this Friday and went up further to $0.266. The price broke past resistance offered by the 20-day simple moving average (SMA 20) and is trending below the SMA 200 and SMA 50 curves. The moving average convergence/divergence (MACD) indicator shows increasing bullish momentum.

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IOTA partially recovered losses; upside limited after team publishes after-hack remediation plan

  • IOTA stays under pressure after the team publishes the remediation plan.
  • IOT/USD is locked in a short-term range, down 3% since the beginning of Tuesday.

IOTA, now the 24th largest digital asset with the current market value of $786 million, regained some ground after a sharp sell-off at the end of the previous week. However, the upside momentum remains weak due to lingering problems with IOTA blockchain. 

At the time of writing, IOT/USD is changing hands at $0.2708. The coin has gained 6% in recent 24 hours and lost over 3% since the beginning of the day. IOTA hit the recent low at $0.2602 on Monday and recovered to $0.2870 by the time of writing before the sell-off resumed and pushed the price towards $0.2800.

IOTA’s Trinity woes

IOTA developers were forced to stop all transactions on IOTA blockchain due to a major vulnerability revealed in its flagship wallet Trinity. While the desktop version of the wallet has been updated, it is only partially functional.

The team published a detailed remediation plan and explain how users would be able to claim their stolen tokens. At this stage, Trinity users are asked to upgrade to a new version to remove the vulnerability from the wallet and make the hacker incapable of accessing the coins.

The next step will imply migrating tokens to the safe seed with a dedicated migration tool that will be released soon.

According to the recent information, the hack attack started on January 25, 2020, and only Trinity Desktop users’ seeds were compromised. However, the team recommends all users to migrate their tokens to a new seed.

IOT/USD: Short-term technical picture remains uncertain

On the downside, the initial support is created by SMA50 on a 1-hour chart at $0.2770. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the lower line of 1-hour Bollinger Band at $0.2680 and the recent low of $0.2602. 

A sustainable move above $0.2850 will improve the technical picture and allow for an extended recovery towards $0.2880 (the recent high). This barrier is followed by psychological $0.2900 reinforced by the upper line of 1-hour Bollinger Band. The next resistance comes at $0.2940 (SMA100 1-hour).

IOT/USD 1-hour chart

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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

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IOTA RELEASES PATCHED TRINITY DESKTOP WALLET

The Rundown

  • 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.

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