The recent incident affecting the IOTA network still leaves many people surplussed. A full incident report has finally come to light, which puts things in their proper perspective.
It is rare for a cryptocurrency network to be halted completely.
Documenting the IOTA Network Hack
This is especially true when it comes to developers causing this situation.
In the case of IOTA, the developers decided to take this action following a Trinity wallet issue.
Some money has been stolen, albeit the situation could have ended up far worse.
In the full report, a lot of details have been provided as to what went down exactly.
It paints an interesting picture, although one that shows how shutting down the IOTA network is crucial.
One could also argue that the attacker(s) could have been more successful if patience was exercised.
Interestingly enough, this attack dates back all the way to late November 2019.
This goes to show how elaborate the procedure is, and how much preparation is involved.
The report also confirms how the MoonPay integration is what allowed for the hack.
That service’s API endpoints were rewritten, allowing the culprit to further advance the scheme.
There will still be some concern as to whether this is an inside job, however.