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Iota Network Back Online After 8.55 million MIOTA Trinity Wallet Hack

The Iota Foundation has taken its iota network back online after nearly a month following a massive hack.

The Iota network was relaunched on Tuesday after the 12 February attack on Trinity Wallet apps on the site. Although the network was shut down that same day to deter more breaches of confidentiality, 8.55 million MIOTA— about $2 million — was stolen from 50 digital asset wallet users.

The IOTA Foundation announced in a March 10 blog post that the coordinator— the centralized node that curates all transactions — was back online after a period of seed migration.

Trinity Wallet’s mobile edition has been found vulnerable after hackers obtained access to private wallet keys. MoonPay, a service that allows users to buy Iota directly, has been attributed to the cause of the attack. The Foundation had been encouraging users within a week to take advantage of a migration tool to switch their tokens to new and safer accounts.

Plans to Prevent Future Attacks on IOTA Network

In response to this theft, Iota has set out its plans to reduce the potential for future breaches:

“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.”

Situation Post February Theft

The person responsible for the Feb. 12 violation has not been identified according to the Foundation. Nevertheless, Iota would “continue to work with the FBI, as well as the UK, German, and Maltese police to identify and track the attacker.”

On March 6, Iota’s founder David Sønstebø revealed he will completely compensate all victims of the hack. At that time, IOTA tokens worth more than $2 million were worth 8.55 million.

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