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Trinity Seed Migration Tool by IOTA Launched to Protect Users Affected by Hack

Trinity Seed Migration Tool by IOTA Launched to Protect Users Affected by Hack
  • Recently released by the IOTA foundation, the ‘Trinity Seed Migration Tool’ will give users the ability to transfer the tokens in IOTA from compromised seeds into new ones.
  • It’s been just over three weeks since the network went down following a hack that happened on the Trinity wallet.

Recently released by the IOTA foundation, the ‘Trinity Seed Migration Tool’ will give users the ability to transfer the tokens in IOTA from compromised seeds into new ones.

It’s been just over three weeks since the IOTA network went down following a $2 million hack that happened on the Trinity wallet for the network. According to the report, that was possible due to many security issues going on within the wallet. The foundation, as a result, turned off the network in order to prevent any further losses and have been trying to figure out how to restore the lost money.

Thanks to the ‘coordinator’, this was all made possible. The IOTA community has not been one to sit on the sidelines though. The coordinator has seen some significant criticisms towards the ‘coordinator’ due to concerns in regards to the decentralisation of the network. In a recent post on the foundation, it was stated that the team is attempting to eliminate the coordinator to make the foundation fully decentralised.

The same question has been asked as to why the process was not made known to the community. The team have said that due to the cyber attack, they have had to take further measures in security from the potential attackers. They further said:

“Now that the window has closed where this advantage was useful for our defense, we have published the source code, derivative binaries and the checksums as referenced in our blog post announcing this tool“

This is one of the longest network outages that the network has seen. But despite that, the digital asset associated with the network has been following the rest of the market rather than the parent company.

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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