Is IOTA Scam or Reliable?

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Mrcoin

Bforum Member

There are many attractive tokens that have great teams behind to make sure there is growth and continuity for their projects. However, there are still some fake projects that anonymous stand behind who have the purpose to trick and steal innocent crypto users. IOTA is well-known as the most trusted in the cryptocurrency market. Is it worth it to be invested or scam that you should stay away from? Let's find it out now.

IOTA (MIOTA) is a relatively new crypto currency network, focused on micro payments and above all: the coming Internet of Things. As a matter of fact, IOT from its name is indeed the abbreviation of that very concept. Unlike most of its peers from the crypto currency scene, IOTA is not traditional blockchain-based. In fact, people advocating the adoption of this particular brand of digital currency are overwhelmingly of the opinion that Bitcoin is already obsolete.

IOTA was been hacked​

IOTA suffered from a hack attack in 2018, there were $11 million tokens stolen in funds and 85 victims lost their assets by the hacking. The Europol announced that it helped UK and German law enforcement agencies arrest a 36-year old man from Oxford, England who is believed to be the hacker.

Unfortunately, IOTA was hacked again in 2020. The IOTA Foundation has subsequently paused the Coordinator and are urging users not to use their official wallet, Trinity, until further notice.

This means the entire “decentralized network” has been halted, inconveniencing millions of users, as operations is crippled. Both of this event could be considered as the security system of IOTA not solid.

IOTA team scandalous​

In Feb 2020, The IOTA coordinator node responsible for confirming all transactions has been offline for more than 12 days, yet the token remains listed as one of the top 30 cryptocurrencies by market cap.

Among technologists, the IOTA Foundation became known for scandalous emails in 2018 between IOTA Foundation co-founder David Sonstebo and Neha Narula of MIT's Digital Currency Initiative. He accused the researcher of helping CoinDesk prematurely publish vulnerabilities in the IOTA software and violating professional disclosure norms.

By 2019, members of the IOTA community earned a reputation for routinely harassing women security experts, like Open Privacy founder Sarah Jamie Lewis, who found flaws in IOTA research.

The IOTA Foundation turned off the coordinator node in February 2020 to stop an attacker from stealing funds from the foundation’s wallet service for retail investors, highlighting the fundamental challenge of decentralizing a crypto project. IOTA’s Schiener said the vulnerability, which led to stolen funds from 50 IOTA holders, came from a botched integration job with the fiat-to-crypto broker MoonPay.

Do you think IOTA is definitely scam after reading this review? The coin was hacked twice and there was the failure of the foundation team. Let us know your thoughts by leaving words in the comment box below.
 

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