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IOTA price remains stable: Solution underway, Trinity Wallet v2.0

  • The IOTA team continues to work hard to develop a concrete action plan.
  • Due to the hack of the last days no transactions are allowed.

As Crypto News Flash already reported, IOTA suffered a targeted attack against the Trinity wallet. It is still strongly discouraged from using the IOTA Trinity wallet. IOTA transactions are still not being processed, but major damage has been prevented as the coordinator has been disabled and therefore no transactions can be finally confirmed.

The ongoing investigations have shown that there is no breach of the core protocol. All evidence indicates that there is a problem with the Trinity Wallet dependency. Dominik Schiener, founder of IOTA recently stated that the team will today announce an action plan on how the IOTA Foundation will resolve the case.

Dave de Fijter of the IOTA Foundation explained:

Update: After successfully identifying the attack on Trinity through a third-party integration, we are currently working on a plan on how to recover from this exploit and get the network back into full operation. We also want to allow anyone who might have been affected to safely transition. We are working on an action plan, which will be communicated as soon as possible. On the vulnerability side, all parties are notified and they are working with law enforcement and external auditors to fully understand how this happened.

Meanwhile, it has been announced that the Trinity Wallet will be updated to version 2.0 in a timely manner to prevent such hacks from happening in the future. Schiener goes on to describe that despite this hack, the community remains united and the support for the project is overwhelming. One Twitter user has summarized the positive aspects of the situation as follows:

Some positiv aspects of Trinity hack:

1.We learned how important hardware wallets are

2.We learned what the coordinator can do (shut down value transactions) and what he can’t do (stop 0 value transactions)

4.We saw a great IF team

5.We saw an #IOTAstrong community

This hack has also shown that using a hardware wallet is the most secure solution to store MIOTA or other cryptocurrencies.

IOTA price remains stable

Despite the negative headlines, the price of MIOTA is trending sideways with a minus of 0.44% within the last 24 hours to USD 0.3176. The market capitalization is 877 million USD, which keeps IOTA in 24th place among the largest crypto currencies worldwide.

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About Author

Collin Brown

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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