IOTA Updates Trinity Desktop Wallet After Recent Hack

The IOTA has updated its Trinity desktop Wallet version after a hack that likely involved the theft of seed phrases. The project team also warns users to beware of impostors on the IOTA Discord page who pose as members of the mod team.

18 February, 2020 | AtoZ Markets – The IOTA Foundation has released a secure, updated version of the Trinity Desktop Wallet, according to a 17 February update post. Users should update their Trinity applications to check their balances and transactions via Trinity 1.4.2. The new version is designed to remove the vulnerability recently detected in Wallet.

Scammers Active on Discord Channel

The IOTA Foundation has warned owners trying to check their balance not to trust contacts on the official Discord channel. The scammers contact the participants claiming they can recover the lost coins. For now, the IOTA network has virtually closed for about five days already. But the network has reported fraudulent transactions and stolen funds. Users can download the new desktop version of the Trinity wallet to check balances and report missing funds.

According to the latest post, IOTA security team has successfully discovered that the hacking started on or around 25 January 2020. It would only target users of Trinity on their desktop computer. However, the firm still recommends that desktop and mobile users migrate their tokens to a new seed as soon as the migration tool becomes available.

Balances and transactions are retrieved at login. If your balance does not appear correct or unrecognized outgoing transactions, please contact a Discord mod or a member of the IOTA Foundation directly on Discord. Please note that unfortunately, active imposters are posing as IOTA Foundation members on Discord.

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IOTA’s Network Coordinator is Still Pending

The new version wallet released on 16 February. It does not seem to represent the complete solution of the recent breach. The coordinator of the dedicated network of IOTA is still pending. According to an update released on 16 February, the coordinator is still out of action. The foundation finalizes its "remediation" plan, making users unable to send value transactions.

The IOTA Foundation will only restart the coordinator after users have migrated their tokens to save seeds. The foundation said the IOTA would release the seed migration tool in the coming days. This action will be another essential measure to protect users' funds. They wrote:

"By migrating your tokens to new safe seeds before restarting the coordinator, you will make the attacker unable to make unauthorized transfers of your tokens."

Read More: Crypto Exchange FCoin Goes Bankrupt?

The Losses in the Hack Remain Undetermined

According to the information, the IOTA has not yet calculated the sum of the losses caused by the hacking. The company is still finalizing its remediation plan. It seems that it still unknown how much money lost due to the attack. In a 14 February update, IOTA explicitly noted that some funds had stolen:

"The stolen funds were deliberately and repeatedly merged and divided to obscure the investigation [...] Our current assumption is that the perpetrator first targeted high-value accounts, before moving on to more and then be interrupted prematurely by the coordinator's stop. "

MIOTA market prices fell back to $ 0.28 (at the press time). The asset prices remained under pressure from internal strife and news from the frozen network. MIOTA is one of the assets that did not rebound during the recovery of altcoin this year.

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