Cryptocurrency companies have been known to experience problems and social media has helped them in informing its users of what to expect. IOTA, the cryptocurrency based on the Internet of Things [IoT] recently witnessed a suspicious attack on Trinity following which the organization solved it.
When the activity was first detected, IOTA warned users to not open or use Trinity on their desktops. This was still not enough to stop the attackers from stealing funds off the blockchain. So what has finally been done about it?
Latest updates stated that the coordinator was halted until further notice to investigate reported issue with the stolen funds. All Trinity wallets have also been asked to be not used. To combat the security lapse, IOTA released a new version of Trinity that allows users to check their balance and transactions.
IOTA has stated that with the new update, users will be able to remove the aforementioned vulnerability. In a report released by the company:
” …we will release a seed migration tool that will allow users to transfer their tokens to a safe seed. We strongly recommend that ALL users who have opened any version of Trinity (Desktop or Mobile) since the 17th of December 2019 utilize the tool and migrate their tokens to a new, safe seed during the soon-to-be-announced migration period BEFORE the coordinator is re-started.”
The seed migration tool was created to render the attacker incapable of making unauthorized transfers of a user’s token. The release also talked about the number of bundles that were stolen from Trinity.
According to IOTA, only a very few were transferred successfully by the attacker to another wallet. The company has stated that it will repay all stolen tokens by considering the snapshots of the wallet before the attack. All the affected customers will be receiving more news from the company soon.
IOTA furthermore explained that it was in the midst of creating a set of remediation tools and processes to prevent similar attacks in the future. This was part of the community-centric workaround where IOTA has asked members to help.
The news of the attack did have a small impact on IOTA’s price as it fell by 15.14 percent over the past week. At the time of writing, IOTA was trading for $0.29 with a total market cap of $808.8 million. The 24-hour market volume was slowly on the rise and had settled at $15.3 million.