Rajarshi Mitra
Independent Analyst
- The hack on Trinity wallet resulted in the loss of around $2.2 million user funds.
- The IOTA team noted that it has transitioned users to new accounts and resumed its transaction confirmation system on March 10.
The IOTA network came back online this Tuesday, March 10, following a shutdown period. The shutdown occurred because of the much-publicized Trinity wallet hack. The hack took place on February 12 and IOTA was forced to take down the Coordinator to stop value transactions and protect the wallet users from further thefts of their tokens. As a result of the hack, around $2.2 million in IOTA tokens were stolen from user funds.
The IOTA team noted that it has transitioned users to new accounts and resumed its transaction confirmation system on Tuesday. According to its recent blog post, the IOTA Foundation has completed the transition and the Coordinator is back online.
In an email statement made to The Block, the IOTA revealed that cofounder David Sonstebo will personally reimburse all victims of the hack. The investigation into the hack is still under progress, IOTA’s blog post clarified.
We continue to work with the FBI, as well as the UK, German, and Maltese police to identify and track the attacker. With the restart of the Coordinator, we are together actively monitoring for any suspicious activity.
The post also highlighted the measures the company will be taking to avoid such hacks in the future.
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.
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