IOTA announces fix for the bug that caused the Trinity wallet hack, Twitter reaction mixed

IOTA has said that it is making progress in the hack investigation and is taking the necessary steps to compensate the victims.
The hack resulted in the theft of $1.6 million and IOTA was forced to take its Coordinator node offline to prevent further losses.

The IOTA team claims that they have created a patch for the vulnerability in the Trinity Wallet, which caused the recent hack, resulting in a loss of $1.6 million. Following the attack, IOTA’s Coordinator node went offline to avoid further theft.

Regarding the patch, IOTA reported:

We have also remediated the vulnerability in Trinity. The upcoming Trinity update will not function as a final transition tool, as we are still working on bringing the network back to full operation. If you have Trinity installed on your computer, we highly recommend you upgrade to this version when released.

IOTA has also disclosed that it is making progress in the hack investigation and is taking the necessary steps to compensate the victims. As per this Sunday’s update, they are building a real-time fund tracker as a part of an expanded toolset for the network.

Twitter Reaction

Peter Todd:

"To protect users, we have paused the Coordinator and advise users not to open Trinity until further notice."

In case you were wondering if IOTA is centralized. It is. 100%

Dan Barber:

The IF's response to this downstream vulnerability in a Trinity dependency has been nothing less than immediate, efficient and professional.

It is the nature of their response that will be remembered by the market, their partners and #IOTA adapters-- not the hack.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.