IOTA, one of the current cryptocurrency giants, has been accused of scamming is investors. Social media platforms and online communities went into a frenzy on Friday, accusing those behind the tech of allowing for a hack that resulted in its users losing approximately $4 million.

The technology demands that its users craft their own seeds. Based on this fact, some have suggested that it would be easy for someone to hack the system and steal the seeds of users and collect them for a future hack into the company\'s online generator.

The reported hacker began draining funds using stolen seeds on Friday, while also launching a distributed denial of service attack on the tech\'s popular nodes, blocking any attempts made to withdraw funds.

Many have pointed the finger at fragile security at IOTA enabling the hack, while others have defended the technology, claiming that a hack or technological failure could happen to any system powering any one of the major cryptocurrencies.

Friday\'s hack aside, IOTA has previously been criticised commentators, who criticised the tech\'s failure to comply with the gold standard cryptographic practices. IOTA has favoured its own numerical system, leaving it open to vulnerabilities.

The minds behind IOTA previously defended drawbacks of the system by stating that they were crafted in order to prevent anyone from copying the system\'s design, something that crypto commentator Nick Johnson has branded aggressive to the wider community.