Sirin Labs, the Israeli manufacturer of the military-grade Solarin phone, has abruptly dropped IOTA in favor of Ethereum for its blockchain phone FINNEY. The decision raised concerns about IOTA's technical flaws, leading to a nearly 17.5% single-day plunge in MIOTA, erasing over $800 million in market cap and threatening its top-10 ranking. The company aims to eventually migrate to a custom blockchain to minimize transaction costs.

Sirin Labs, the Israeli manufacturer of military-grade phones, originally planned to power its blockchain phone FINNEY with IOTA's Tangle technology. However, the company abruptly shifted to Ethereum, triggering market concerns about IOTA's technical flaws and causing a 17.5% crash in MIOTA price on August 7. The price fell to $0.6770, with over $800 million in market cap evaporated in just 10 days. FINNEY will initially use Ethereum private chain and later migrate to a custom blockchain to minimize micro-payment costs.

Sirin Labs, the Israeli manufacturer of the military-grade Solarin smartphone, announced that its upcoming blockchain phone FINNEY will no longer use IOTA’s Tangle distributed ledger but instead adopt Ethereum — initially via a private chain, with plans to eventually migrate to a dedicated blockchain. The abrupt shift triggered a sharp sell-off in IOTA’s MIOTA token, which plunged nearly 17.5% on August 7, losing over $800 million in market cap. The article details Sirin Labs’ rationale, the temporary Ethereum private chain setup, and the long-term blockchain strategy, along with the precise market data (price drop, trading volume, market cap).