IOTA Network Goes Live A Month After Trinity Wallet Hacking Incident March 11, 2020 March 11, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMarch 11, 2020 by Kelly Cromley

IOTA Network Goes Live A Month After Trinity Wallet Hacking Incident

Nearly a month after the hacking incident, IOTA Foundation has successfully brought back their network live.

The IOTA network was relaunched after the Trinity Wallet software was hacked on February 12.

Even though the network went offline immediately to avoid additional security violations, 8.55 million MIOTA, worth roughly $2 million, was looted from 50 users of the cryptocurrency wallet.

In a blog post dated March 10, the IOTA Foundation revealed that Coordinator, the centralized node administering all trades, is active after a seed migration period.

The desktop variant of Trinity Wallet was found to have a bug after hackers gained control of private wallet keys. MoonPay was blamed for the attack as its service permits users to buy IOTA directly.

Less than a week after the hacking incident took place, the Foundation urged users to leverage on the migration tool to shift their tokens to new and safe accounts.

As a response to the violation, IOTA also listed out their strategy to minimize such incidents in the future:

“The IOTA Foundation is overhauling its internal processes, with upcoming changes to software security practices, improvements to our security capabilities and resources, and expansion of our efforts in education and best practices for any software that handles user accounts on the IOTA network.”

As per the Foundation, the person who caused the February 12 violation is yet to be identified. Nevertheless, IOTA core team stated that it will “continue to work with the FBI, as well as the UK, German, and Maltese police to identify and track the attacker.”

Five days before, David Sønstebø, the founder of Iota, offered to compensate the victims of hacking in total. The hacking incident resulted in a loss of 8.55 million IOTA tokens, worth $2 million.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.