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IOTA tokens stolen through a fraudulent seed generator scheme have been found

IOTA co-founder Dominik Schiener recently spoke to Reuters and revealed that a large part of the IOTA tokens stolen through a fraudulent seed generator scheme have been found. As we wrote last week, an international police investigation which included Europol resulted in the arrest of a British national suspected of stealing more than €10 million worth of IOTA tokens from at least 85 people.

Schiener said that law enforcement is currently in control of law enforcement as they will be used as evidence. Schiener also said he collaborated with law enforcement for several months in order to find the thief and continued to explain:

“From what we know, just a small amount of the 10 million euros has not been found. The exchanges have blocked the hacker’s accounts. He tried to free the money, but he did not succeed.”

The suspect that was arrested last week appears to have worked on the scheme by himself. He allegedly ran the “” website, which stored the seeds it generated for users and later used the seeds to drain the users’ wallets on January 19, 2018.

At the time, the IOTA token was trading at around $2.7, although it was in the midst of a correction from its almost $5 all-time high that was reached in December of 2017.

Despite the value of the token plummeting during the “crypto winter”, the ambitious IOTA project continues moving forward. Just yesterday, IOTA announced a partnership with Energinet, a Danish government-owned energy company.

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Written by Ravi


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