Iota Prepares to Relaunch Network in One Week

Iota began its seed migration period on Feb. 29, with plans to reopen the network around March 10.

Potential Moonpay compromiseThe Iota network was shut off on Feb. 12, shortly after the team received multiple reports of drained user wallets.

The Iota Foundation identified a third-party integration with Moonpay, a fiat-crypto gateway service, as the likely culprit.

The wallet loaded the Moonpay code through a common but potentially insecure Content Delivery Network call.

On Feb. 10, Moonpay patched the vulnerability, allegedly without informing the Iota team of what had happened.

Network on vacationWhile the network shutdown prevented any more tokens from being stolen, relaunching it as is would allow the hacker to continue undisturbed.

Many commentators criticized Iota for its apparent centralization, claiming the network is "Dead." Few other networks could have been shut down so easily, but some Iota fans argue this was a positive thing, as it prevented a much larger theft.

"While this was a very unfortunate event, it shows that we at the IOTA Foundation are very committed to protecting the funds of the IOTA users and it shows that we have professionally responded to such a major incident. While our trust may be broken for some within the crypto community, our partners still stand behind us and believe in the future of IOTA.".

He then referred to the upcoming Chrysalis upgrade and the launch of an incentivized Coordicide alpha network as the next evolution of Iota.

"We feel confident that we will work our way back to where we were and make everyone within the community believe that IOTA is on the right path," he added.