Cryptocurrency

IOTA still not sure – holders should urgently change your Wallet password

After the release of an update for the compromised Trinity-Wallet the IOTA Foundation has the users to change their passwords. Further steps should be announced soon.

Many of the IOTA account could be compromised

Last week, the Iota Foundation has stopped your “Tangle”-network after hackers had stolen funds from at least ten high-quality accounts. The Foundation was able to make weak the Desktop Version of Trinity place, in the meantime, to find.
The Foundation writes:

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The Foundation is confident that only the users are at risk, open the Desktop Version of Trinity during the specific date range. However, an Update for the mobile Wallet has been released, and users are encouraged to change their passwords as a precautionary measure.

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The password change is only the first step to solving this problem. The user must also purchase new Seeds, i.e., the 81 character keys, the IOTA-Token store in the Tangle.
The Foundation promises to be soon a tool for the Migration of the Seeds to bring out, in order to enable this process. The network will be made only after the provision of the Tools in operation.

Full report in planning

The IOTA Foundation promises a full report about this Hack. The weak spot seems to be with MoonPay in connection, a recently in Trinity integrated service that allows users to buy IOTA directly from the Wallet out. The MoonPay function is not included in the patched Version.
Regardless of the cause, it is a serious attack on the IOTA platform. Although it seems that the hackers have not compromised the core Protocol, you could have numerous Seeds stolen. Therefore, users who do not use the migration tool continue to be vulnerable.
IOTA-holders who have lost money, are encouraged to contact the Foundation about your Discord-channel. The Foundation says that it is working on a “remediation plan” for the theft victim.
It is unclear, however, whether this Plan is a direct compensation or a reorganization of the Chain. The Foundation is also working with law enforcement authorities to help in the search for the perpetrators.
This incident only steels one of many thefts, which have become in the crypto space is usual. It is a positive proof that the Blockchain technology is still in the works and that even supposedly secure platforms can be made vulnerable. Before the Hack of the Trinity was examined independently and was widely considered to be extremely safe in use.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.