IOTA has shut down its entire network this week after hackers exploited a vulnerability in the official IOTA wallet app to steal user funds. Approx 8.5M MIOTA tokens were taken. While the IOTA team has not confirmed the value of the stolen funds, open-source reportings has the total at around $1.6 million worth of IOTA coins. The founder of the distributed ledger network, David Sonstebo, said he would repay people affected by the $2 million hack from his own IOTA holdings. The "main motivation for the decision" had been to "safeguard the IOTA Foundation's runway" over the next 12 months, he added.
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