IOTA Says Majority of $11 Million Stolen Token Have Been Found

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Almost all of the approximately $11 million worth of allegedly stolen iota tokens by a UK person have been found.

Dominik Schiener, co-founder and board co-chairman of IOTA informed Reuters that the funds are presently being kept to serve as evidence for police investigation.

A 36-year old man suspected to be behind the $11.4 million hack was arrested in a Europol-coordinated effort involving German and British law enforcement agencies, as reported on January 24. The amount was stolen from at least 85 victims around the world since last January.

According to the investigation, the alleged hacker stole the funds by accessing 81-digit security seeds for iota wallets from a now-defunct website.

The company had been collaborating with the police for the investigation for several months. Schiener said that they thought there was an organized hacker group behind the hack. They did not expect the hacker to be an individual “who had a normal job and is well-educated,” he added.

He informed Reuters that there’s only a “small amount” yet to be found from the stolen cryptocurrencies, adding that: “The exchanges have blocked the hacker’s accounts. He tried to free the money, but he did not succeed.”

British police got hold of the Oxford man last week on suspicion of theft, fraud, and money laundering. The police also managed to seize several computers and electronic devices.