IOTA Updates Trinity Desktop Wallet to Partly Address Recent Hack

Published on by Cointele | Published on

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Following an apparent hack of IOTA official wallet on Feb. 12, the IOTA Foundation has released a safe desktop version of the Trinity wallet.

According to a Feb. 17 update post, IOTA should update their Trinity apps to securely check their balances and transactions via Trinity 1.4.1, a new version that is designed to remove the recently detected vulnerability from the wallets.

Released on Feb. 16, the new version of the wallet doesn't apparently represent the full solution of the recent breach because the IOTA's dedicated network Coordinator, is still on hold.

According to the latest update, the IOTA Foundation will restart the Coordinator only after users migrate their tokens to safe seeds.

The foundation noted that IOTA will release the seed migration tool in "Upcoming days," noting that the action will be another important measure to protect user funds.

In the latest post, IOTA also noted that IOTA's security team has managed to discover that the hack started on or around Jan. 25, 2020, allegedly targeting only Trinity users on desktop.

According to information on the thread, the IOTA Foundation has not yet calculated the sum of the losses caused by the hack.

Cointelegraph has asked the IOTA Foundation to provide their evaluations on the amount of lost funds in the hack but did not receive an immediate response.

While the IOTA Foundation emphasized that the recent exploit only relates to the Trinity Wallet, and the IOTA core protocol wasn't breached, some users suggested that the security breach could be attributed to the IOTA Foundation.

The Trinity Wallet was officially released by the IOTA Foundation in July 2019, touted as a major improvement to ease-of-use and security for users conducting transactions in IOTA. The IOTA Foundation, a firm maintaining MIOTA, the 22th biggest crypto asset by market capitalization, has already been known for facing network issues.

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