IOTA Urges Users To Use New Seed Migration Tool After Trinity Wallet Hack

Following IOTA’s recent hack on its Trinity Wallet, the development team is urging the users to protect their wallets by changing their passwords and implementing a secure way for users to protect their funds. Here’s how.

One of the most highlighted news stories in the past month is the hack that happened on IOTA’s top wallets on Trinity, raising concerns on the overall security of funds in the crypto industry. The hack, which compromised a number of wallets, as reported by Iota Foundation. The official tweet read,

While fears of the hack spread to mobile based Trinity wallets and desktop wallets as well, the Foundation confirms only the desktop wallets were compromised calling everyone who used their Trinity wallet to take necessary steps to secure their wallets.

Hardware wallet users have nothing to worry about at the moment but the team calls on users to switch their passwords for extra security.

Securing your IOTA trinity wallet

According to the post mortem carried out on the nature of the hack, the compromise started on the MoonPay feature that allows users to buy IOTA on the desktop wallet. The breach allowed the hackers to obtain private keys on the wallets hence allowing the stealing of funds.

In order to secure the wallet from the breaches, password changes are not the only security measure the Foundation proposes. Users are urged to upgrade to the new patch developed to protect themselves, as the new patch does not include the MoonPay feature. The users will need to acquire new passphrases (seeds), an 81 character keys that hold the IOTA tokens on the Tangle coordinator.

The IOTA protocol will be reopened once the new tool is launched.

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Author: Lujan Odera

IOTA Trinity Wallet Is Under Attack, Coordinator Node Has Been Turned Off

Through its official Twitter handle, IOTA Foundation revealed that the Trinity wallet is under a possible hacker attack. After various IOTA holders complained about missing coins, the foundation said it was suspending its platform’s node known as the Coordinator as investigations are ongoing, an IOTA status update indicated on Feb. 13.

According to a report by Cointelegraph IOTA emerged as one of the dominant innovations during the 2017 crypto bull run. The IOTA coin is not developed on blockchain technology, making it one of the unique cryptocurrencies in the market. The virtual asset that is contained on the tangle via Directed Acyclic Graph platform which is shortened as DAG.

The Coordinator is run by the IOTA Foundation which is a temporary protection measure within the Tangle platform. While IOTA still depends on the Coordinator but had initiated a discussion to eliminate the node in 2018.

The Trinity wallet was released last summer to store IOTA. on Feb. 12, a team from IOTA Foundation used its Twitter account to urge IOTA holders not to access their private wallets until all the investigations are finished.

After preliminary investigations, the team of investigators from IOTA Foundation revealed that the culprits had acquired the private keys of the affected accounts. The investigators also found that about 10 accounts had been affected and all of them comprised of the use of Trinity wallet. The investigators also stated that about 50% of the affected people had reported cases.

The IOTA Foundation also said that it will provide a full report of the prevailing events after the conclusion of the investigations. The Foundation stated that it was limiting the information released to the public in efforts not to provide the hackers with information they can use to enhance their activities. The Foundation also stated that the current data is not yet fully decisive.

IOTA has faced various troubles since its inception in 2017. In December 2019, the platform shutdown its mainnet for 24 hours.

We will update you as we get more information about the issue.

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Author: Joseph Kibe