Bitcoin

Piracy : a security patch puts an end to the vulnerability of IOTA

February 21, 2020 by Xavier

A security vulnerability has been detected on the protocol open-source IOTA, resulting in the loss of $ 1.6 million in crypto-currencies. Since then, the team has designed a security patch that puts an end to the vulnerability of the network.

IOTA a victim of hacking

Hackers reportedly used a backdoor to infiltrate the Blockchain IOTA in order to steal nearly $ 1.6 million included in the portfolios Trinity Wallet of the network. In order to limit the losses, the team IOTA was then temporarily suspended all activities, including transactions in crypto-currencies, on its Blockchain.
According to the official page of the IOTA, a security patch was deployed by engineers Blockchain and is running to address the security vulnerability of the portfolios Trinity. However, IOTA “still working on the return-to-service network”. The firm strongly recommends that users upgrade to the new version of the portfolio Trinity, who has undergone appropriate patches. The firm has also revealed that the investigation to trace the trail of the hackers is already in progress.

The centralization of the network IOTA

The hacking of the portfolio of Trinity has ignited criticism about the centralization of the network IOTA. In fact, many people lament the fact that its blockchain has only one node validation, the co-Ordinator, who is solely controlled by the team IOTA.
However, Trinity provides updates aimed at making the network IOTA more decentralized, in order to guard against the attacks of 51% of the network, which are primarily concerned with the blockchains highly centralized.
The market has reacted favourably to this news with the price of the IOTA which increased a few hours. However, the foundation has not yet communicated the date on which it will perform the updates as expected.
What do you think of the measures taken by IOTA due to this security flaw? Let us know your thoughts in the comment section below.
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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.