IOTA Foundation Will Reactivate Network By March 2nd

The IOTA foundation will come back to live as per the reports on Thursday that it will reactivate the IOTA network by March the 2^nd, after a sudden shutdown last week that occurred following the attack that as his consequence had the stolen funds of some users of the Trinity wallet software as we reported earlier in the IOTA news.

The nonprofit organization stated today that it is working on developing transition tools so users can transfer their funds from their existing accounts to new accounts. After this transition is complete, the Foundation will turn online the network. The IOTA Foundation will not reactivate after they paused the network because of the attack as was reported in the previous occasions by DC Forecasts. A post-mortem report, made by the Foundation, stated that the hack was a result of vulnerability through MoonPay, which is a fiat-to-crypto onramp platform that is integrated with Trinity. Trinity, a wallet solution that was developed by the IOTA Foundation in order to provide support to the token of the IOTA network.

“The biggest fault that we have made was to not integrate the NPM package and properly security auditing the integration. Human error and the pressure to release a new version ASAP ultimately lead to this mistake.”

While the team managed to identify 50 victims of the attack, it does not have the information about how many users received these malicious SDKs. Because of that, the IOTA Foundation has requested all of its users to transfer their funds to new accounts from the old.

“One important thing is obviously that this does not affect all IOTA users, but only affects Trinity users of the Trinity desktop wallet. So everybody else is safe and doesn’t have to worry about this,” Schiener said.
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The move of the IOTA Foundation to freeze the network after the attack is a controversial decision because the network is designed as a decentralized network. But the IOTA Foundation thinks that this instrument is quite important for the development of the network in its early phase.

“I know that is controversial in a space where decentralization is all that matters until something like DAO happened and you could roll back the blockchain anyway… this [pausing the network] was an extraordinary measure in response to an extraordinary event and it’s important to get across, at least from our perspective, that no one at the IOTA Foundation or the IOTA project is happy that we had to take such extreme measures.’’