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IOTA Ceases Network Amid Investigations of Trinity Wallet Attack

Tarulika Jain by Tarulika Jain - 10:37 AM Feb 14, 2020
IOTA Ceases Network Amid Investigations of Trinity Wallet Attack

According to the official twitter handle of IOTA, the network has shut down its network to investigate the cyberattack against its Trinity wallet. The announcement also advised users to not to open or use the wallet. Also, the representatives of IOTA are investigating the situation with law enforcement authorities and cybersecurity experts to unveil the reasons behind the “coordinated attack.”

Trinity Wallet Attack In Brief

IOTA Foundation, the non-profit organisation which developed the distributed ledger technology called IOTA protocol, released its user-friendly wallet Trinity in July 2019.

After the multiple theft reports, Trinity was audited by cybersecurity firms which concluded that short lifespan of software caused researchers to ignore the vulnerabilities. The early version of the wallet may be suggested as the cause of attacks. The entire decentralised network of IOTA has been paused after the operations were crippled, causing inconvenience to millions.

IOTA did not reveal the complete details to safeguard the wallets from cyber attacks. The Foundation also announced the scale of the attack and contacted the victims through the team. Though few wallets were compromised, it included the massive loss of money. It has been predicted that over $300,000 to $1.2 million has been stolen.

Controversial IOTA Network

IOTA’s vulnerabilities were part of news since 2018. In 2018, the developers of IOTA and MIT’s DCI team disputed over the security of the hash function of the network. Also, the phishing attack, which resulted in a loss of $11 million came into the picture in 2018. Attackers used the fake website to distribute his addresses as new addresses.

In December 2019, the network also faced the availability issues as the network was shut down for 15 hours due to technical glitches.

Thus, IOTA network always creates doubts in the mind of crypto enthusiasts regarding the security and operability of network and the recent attack fire up the situation.

About The Author
Tarulika Jain

Tarulika JainAn engineering graduate, focussing on latest trends of cryptocurrency. As an economic enthusiast, she likes to read about the changing economies of world.

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