Wybo Wiersma, a Dutchman living in the United Kingdom, had established a website called iotaseed.io, which apparently allowed people to generate a secure seed phrase.
A man has been jailed after stealing more than $2.5 million worth of IOTA tokens from unsuspecting investors.
Wybo Wiersma, a Dutchman living in the United Kingdom, had established a website called iotaseed.io, which apparently allowed people to generate a secure seed phrase.
But a five-year investigation found these seed phrases were not chosen at random — and because they were predetermined, users soon saw IOTA stolen from their accounts.
More than 100 victims have been identified, with some losing their life savings, businesses and inheritances.
Wiersma was initially arrested in Oxford in January 2019 — a year after the IOTA was stolen — and a number of devices from his property were also seized at the time.
He later admitted that the evidence against him was "overwhelming" and entered a guilty plea.
In Oxford Crown Court, he was sentenced to four-and-a-half years behind bars.
Efforts are now underway to recover the stolen IOTA and return it to the rightful owners.
