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IOTA Back Online Following February’s Trinity Attack

IOTA Back Online Following February’s Trinity Attack
  • It’s been almost a month since the huge attack on the Iota Foundation. 
  • Since then, they have brought their network back online.
  • Yesterday, the Iota network re-launched following the attack on the 12th of February on the platforms Trinity Wallet software.

It’s been almost a month since the huge attack on the Iota Foundation. And since then, they have brought their network back online.

Yesterday, the Iota network re-launched following the attack on the 12th of February on the platforms Trinity Wallet software. Even though the network was shut down that same day to prevent further breaches in its security, 8.55 million MIOTA was stolen from 50 users on the network having an impact on the IOTA Price.

In a blog post published on the 10th of March, the IOTA Foundation announced that the centralised node curating all transactions (otherwise known as the coordinator) was back online following a seed migration period for the protocol.

For users of the desktop version of the wallet, it was found to be vulnerable after hackers were able to gain access to private wallet keys. The cause of this attack was attributed to MoonPay. For those that don’t know, this is a service that allows users to buy IOTA tokens directly. Within just a week, the foundation was urging all of its uses to take advantage of the new migration tool in a move that opens up to new and further secured account. The foundation laid out their plans to reduce the possibility of any future breaches on the network as they have said:

"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."

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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