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,
Trinity users – If you opened #Trinity between Dec 17th 2019 – Feb 18th 01.30 CET 2020, you will need to use the seed migration tool to protect your tokens. Further details about the tool and migration period soon. All updates at https://t.co/3blzUVGJTE or https://t.co/vbg93hQBiG
— IOTA (@iotatoken) February 20, 2020
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.