IOTA Executive Will Personally Refund Trinity Wallet Hack Victims

IOTA executive will refund personally all of the victim’s losses from the Trinity wallet hack back in February in order to ‘’preserve’’ the runway of the project as we are reading further in the IOTA news.

The founder of the platform and IOTA executive, David Sonstebo, said that he would repay all people who were affected with the $2 million hacks from his own, personal IOTA holdings. The main motivation for the decision was to protect the runway of the IOTA foundation over the next 12 months as he added.
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The foundation was forced to suspend the entire IOTA network after the hack in February because the hackers stole more than 8.5 million in IOTA’s native token MIOTA or about $1.4 million at the time of writing. The network was put online again a few days ago.

David Sonstebo announced that he will also personally refund the victims, after many weeks of internal discussion. He commented:

“It’s just preemptive step in the worst-case scenario of something drastic happening overnight.’’

IOTA was mainly funded from the pot of community donations of MIOTA tokens which were held in an endowment fund that was administered by its foundation. As with the many digital assets, MIOTA was hit hard by the market turmoil that happened because of the coronavirus pandemic panic. The price of the token dropped by 40 percent over the past week and its market value got down by more than $270 million. Sonstebo said:

“We are very cognizant of our runway and we spend very responsibly; of course, when the token price or the crypto market as a whole has been in such a bear market it’s definitely been on our mind from time to time. It’s not like we’re in any panic mode or desperate, but we are taking the necessary steps [such as by] using my own personal holdings, rather than the foundations’ holdings.”

Although the IOTA executive emphasized the foundation was ‘’well funded at the moment’’ showing facts of diversifying revenue, by trying to identify new ventures so they don’t have to rely on the endowment fund. The co-founder Dominik Schiener said that ‘’IOTA regularly gets grants from governments’’ having received four so far. He didn’t comment which governments he was referring to though.