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IOTA Foundation Will Reimburse Holders who Lost Funds Through the Trinity Incident

#crypto #bitcoin

When the IOTA network was shut down out of the blue, many people expected funds to be lost. It now appears that is indeed the case, but users will seemingly be reimbursed.

The IOTA network was forcibly shut down by the developers several weeks ago.

Reimbursing Affected IOTA Users

As it turns out, that was the only viable course of action in the end.

One thing users have wondered about is how much money has effectively been stolen.

Considering how the Trinity wallet was affected, a lot of damage can be done in that regard.

Several IOTA holders have come forward, indicating that they lost some money here and there.

Those users have now received good news, as their lost assets will be reimbursed.

Not through a blockchain rollback or similar measures, however.

It would appear that the IOTA Foundation will use its own holdings to reimburse the affected users.

Further details regarding this procedure have not been disclosed as of yet.

It would appear that some KYC will be involved, which may rub a lot of people the wrong way.

That being said, it is good to see some action being undertaken in this regard.

When the reimbursement process will be completed exactly, remains to be determined at this time. 

Image(s): Shutterstock.com

The post IOTA Foundation Will Reimburse Holders who Lost Funds Through the Trinity Incident appeared first on The Merkle Hash.



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JP Buntinx, Khareem Sudlow