IOTA network is finally back online after suffering from Trinity hack that caused a loss of around $ 2 million

By Selena On Mar 11, 2020

The IOTA network finally came back online after a severe hack that cost about $ 2 million. While the platform has resumed valuable transactions online, has the challenge ended?

Although resuming the network is an essential part of the recovery process of the platform, the network needs to ensure user security. Although the community celebrates a normal return, if another event occurs due to inappropriate security measures, the network may lose user trust forever.

We are delighted to announce that the Coordinator has been resumed. Read about the steps taken to protect Trinity users, the role of the Coordinator & the future development of #IOTA. https://t.co/8nhrPRsXs1

— IOTA (@iotatoken) March 10, 2020

The IOTA network is back on track

Previously, the IOTA network was violated when malicious agents exploited vulnerabilities in Trinity Wallet. The hackers have earned nearly two million dollars. The network was then shut down, pausing all transactions to avoid further damage.

The company’s Twitter handle posted the announcement on March 10, revealing that the network’s Coordinator has been resumed. The company also announced steps taken to protect Trinity users as well as future network development in a blog post.

Because the network seems to have handled the aftermath of the hack, the platform can now focus its resources on eliminating the centralized Coordinator. The Coordinator gives the platform the power to block online transactions, precisely what happened last month.

Currently, the company is focusing on implementing the Coodicide protocol upgrade to remove the network’s Coordinator. The update will allow the network to decentralize the platform without compromising its security.

At the same time, David S ønstebø, the co-founder of IOTA, offered personal compensation to the victims of the hack. Neither he nor the Foundation has released specific details of the process. Many more seeds can still be compromised, making the actual number of Iota stolen.

Perhaps the more significant problem is the blow this hack has dealt with the platform’s reputation

The hack has undoubtedly created failures for some critical projects, such as removing the Coordinator. Besides, by owning a security breach, the Foundation will handle victims and manage recovery steps over the next few days or weeks.

Perhaps the more significant issue is that this shot has affected the reputation of the platform. Although hackers do not violate the IOTA core protocol, this incident will forever discredit the Trinity wallet. Until now, Trinity is still considered extremely safe and is the pride of the IOTA Foundation. The hack was done because the Foundation allowed third party integration into the wallet.

IOTA will probably recover from this challenge. It has a well-funded, talented, and ambitious development team, as well as an enthusiastic support facility. Besides, its response to the hack is admirable. However, failure to follow appropriate security protocols has made possible a breach. Regaining the trust of the broader cryptocurrency community will require significant effort to prove success moving forward.

Read more: