IOTA May Partially Recover The Losses After “Hack Remediation” Plan
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IOTA May Partially Recover The Losses After “Hack Remediation” Plan

February 18, 2020      Tarulika Jain

The team of IOTA published the detailed “Hack Remediation” plan to recover the stolen tokens from its Trinity wallet. Last week, after users reported the theft of their tokens, the developers of Foundation were compelled to halt all transactions on its blockchain due to a massive vulnerability in Trinity wallet.

Recovery Plan Of IOTA Foundation

IOTA has the current market value of $786 million and holds the 24th position in terms of the trading volume. As the plan to recover stolen tokens was announced, the company regained some of its value after a sharp drop of last week.

It was investigated that only the desktop wallets of Trinity were compromised. Presently, Trinty desktop wallet users are advised to shift to the upgraded secure version so the hackers will be incapable to access the coins. According to the detailed plan, dedicated migration tool will be launched soon, which will migrate the tokens of both desktop and mobile wallets. The tool will act as an important measure to protect the tokens.

IOTA’s special network coordinator is still halted as upgradation of trinity wallet is not considered as a complete solution of the recent infringement. The foundation will allow users to send value transactions only after the completion of “Recovery Plan”, not before users’ migration to secure seeds.

Reaction Of Crypto Community On Remediation Plan

As soon as Foundation got information related to the hacking of the wallet, the company started implementing its remediation plan. Though the team is still in the process to finalise the further plan, some users have already expressed their confidence in the IOTA Foundation.

Some technical experts explained that the security breach is being attributed to Foundation, yet only the wallet is exploited not the core protocol. Thus, the upside movement of trading volume can be attributed to the announced plan of recovery.

In the suspicious space of cryptocurrency, users must be careful before investing and storing their keys of crypto wallet. In the present technological era, cyber-attacks are common but the awareness and precautions can save or at least minimize the risk of digital tokens being stolen.

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Tarulika Jain
Tarulika Jain

Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the latest innovation in the crypto industry, Blockchain Technology, Internet of Things and other technologies. Currently, she curates the simple and interesting content for Crypto guides for beginners. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn and Twitter.