Eric Wall on IOTA

So everyone knows that IOTA has been turned off for >12 days now, but do you also know that:
- the main client (Trinity) was actually a Trojan because of a compromised third-party dependency?
- all private keys that used this client are potentially stolen?

8,500,000,000,000 iotas (~$2 million) were successfully stolen before the IOTA Foundation could pull the plug on the Coordinator. They have no idea how many private key seeds have been stolen yet; there's a big chance more theft is waiting when it reboots.

2.5+ years [after IOTA devs said they would make Coordinator optional]: everything that was said about how the Coordinator would be removed has been totally changed, the consensus algo thrown out the window, IOTA Foundation releases a 2020 update on a whitepaper that describes a potential transition plan for how to remove it.

We have evidence that IOTA intentionally has been misleading their community.

I follow DLT projects where the people working on solutions are honest and transparent. IOTA is not only nonfunctional but also opaque and deceitful, sometimes outright malicious, and its community is either dumb or toxic. Therefore, I will give up on IOTA in particular.

IOTA in its current form does not provide any censorship resistance, since the path of the tree is centrally directed through a Coordinator node run by the IOTA Foundation. As such, IOTA is no more decentralized than an Apache Kafka cluster, or Ripple and their Unique Node List.