IMPORTANT for IOTA hodler: Remediation plan published

  • The IOTA Foundation published a new remediation plan with instructions users should follow to secure their MIOTA.
  • The hacker attack started on 25 January. All users are requested to update to the new version of the Trinity Wallet.

According to official statements of the IOTA Foundation, the hack on the Trinity Wallet began as early as January 25, 2020, although according to current information only the desktop version of the IOTA Trinity wallet was affected. Yesterday, the IOTA Foundation published an remediation plan that all users of the Trinity Desktop Wallet should follow.

The IOTA remediation plan in three steps

The first step is to download and install the latest version of the Trinity Wallet. The update will close the existing vulnerability of the Trinity Wallet. The latest version of the Desktop Wallet V1.4.2 is available for download from this link. The IOTA Foundation recommends changing the password and save it in a password manager.

Within the next days IOTA will release a tool to migrate MIOTA to a secure seed. It is strongly recommended that all users who have been using the Trinity Wallet since or after December 17, 2019 migrate their MIOTA to a new secure seed. In addition, the IOTA Foundation will announce when the tool will be available and how it will work in detail.

The process should be completed before the coordinator is restarted. At this point, the coordinator will remain idle, so that no value transactions can be made. By migrating to a new secure seed, the hacker or attacker cannot move any tokens.

IOTA also advises that users of the Ledger Nano S do not need to use the migration tool, but they should change their password. IOTA is also working on the development of a plan to return the stolen MIOTA to the rightful users. For this purpose IOTA will perform a global snapshot.

If the snapshot is successfully validated by the node operators, IOTA Foundation will perform a KYC procedure in cooperation with a third party to verify the users and retrieve the stolen MIOTA. After the migration process, the coordinator will be restarted and the network will resume normal operation.

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An exact schedule is to be published within the next days. The IOTA Foundation is also asking users from the United States for their support:

We would also like to ask any affected users from the United States to come forward and DM our team, as your cooperation could assist us with ongoing law enforcement investigations.

According to current information from the IOTA Foundation, only a few Trinity wallets have been affected, so that the financial loss to date is estimated at approximately USD 300,000 to USD 1.6 million.

IOTA price shows positive trend

Unimpressed by the current negative headlines, the price of MIOTA has recorded an upward trend of 5.30% within the last 24 hours, to a price of USD 0.2796. With a market capitalization of almost 780 million USD, IOTA ranks 24th.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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