Cryptocurrency news

The YOTA network will be restored on March 2

The YOTA network will be restored on March 2

Representatives of the IOTA Foundation reported that the network, which was suspended after the hacking of Trinity Wallet wallets, will be resumed on March 2.

The IOTA Foundation expects users to use the sid migration tool to resume network operations. In other words, they will create new wallets and transfer their funds to them. Representatives of the IOTA Foundation also stressed that since the hack that occurred on February 12, the organization has been working with law enforcement agencies.

According to Dominik Schiener, co-founder of the IOTA Foundation, the organization has applied to the German center for cybercrime, and is also working with the us Federal Bureau of investigation. In total, Trinity Wallet users lost about $2 million. According to Shiner, some of the stolen funds have already been transferred to cryptocurrency exchanges.

The IOTA Foundation stressed that the vulnerability was discovered in the MoonPay service, which allows you to buy iota coins directly from wallets. Hackers were able to distribute their own SDK to MoonPay, which the Trinity Wallet accepted as legitimate.

“The main error is that we didn’t integrate NPM and didn’t check the packages properly. The human factor and the desire to quickly release a new version of the wallet led to this error,” said Shiner.

At the moment, it is known that 50 users of Trinity Wallet were victims of the attack, but it is not known how many users of the program downloaded the compromised SDK.

“I would like to emphasize that it is not IOTA users who are under attack, but Trinity Wallet users, and only on personal computers. The rest of us have nothing to worry about and their funds are safe,” Sheener said.

Note that this is not the first trouble that has happened to the IOTA network. So, at the end of last year, the IOTA blockchain faced a problem that caused transactions to stop in the network for 15 hours.