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IOTA Co-founder to Repay Hack Victims USD 2M as Network Prepares to Reopen

Source: iStock/zepp1969
David Sønstebø, the Co-founder of IOTA, stated that he will personally repay the victims of the recent attack on the network and that the mainnet will be back up tomorrow, March 10.

Following the alleged messages shared on IOTA Discord a few days ago, Sønstebø has confirmed to Cointelegraph that he will indeed pay back all the users who lost funds in the recent hack on the IOTA network.

He stated that 46 individuals were affected by this hacker and that some of them had multiple seeds, so it is “around 50 individual wallets” that the attacker had their hands in.

“I chose to use my personal holdings (which I haven’t touched in 2 years) to safeguard the IOTA Foundation’s runway,” the Co-founder said.

It will cost some USD 2 million, said Sønstebø, which he says is a lot of money certainly, “but if my primary motive was money I have had ample opportunity over the last 2 years to maximize my profits. I have not. For me, the chief goal is to build this future, based on our vision.”