IOTA Completes Chrysalis Upgrade, Advances to Token Migration Phase
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IOTA Foundation has some hours ago hinted the cryptocurrency community that the attack on Trinity Wallet, resulting in stolen funds has been identified.

On 12th February 2020, IOTA Foundation notified the crypto community about an attack on Trinity Wallet by hackers.

Back then, the Trinity Wallet users were warned to desist from opening the App in order to be at a safer side, as IOTA Foundation works with law enforcement and cybersecurity experts to investigate the coordinated attack.

Attack on Trinity Wallet Identified

After a lot of hard work with experts, IOTA Foundation has recently updated the IOTA community and the users of Trinity Wallet that the well-coordinated attack on the app has been identified.

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The Foundation passed the latest development across via its official Twitter handle. This it said was made possible through third-party integration.

The report stated that the further work that is ongoing is to find a way to mitigate any subsequent attempt to attack the Wallet before network operation can fully resume.

IOTA Foundation shared this, “Update: After successfully finding the exploit, the team is currently working on a strategy to mitigate any further risk for token holders and resume complete network operations”

Details of the update as inferred from IOTA Status History can be found below:

“After successfully identifying the attack on Trinity through a third-party integration, we are currently working on a plan on how to recover from this exploit and get the network back into full operation. We also want to allow anyone who might have been affected to safely transition.

We are working on an action plan, which will be communicated as soon as possible. On the vulnerability side, all parties are notified and they are working with law enforcement and external auditors to fully understand how this happened. Please refer to this page for future updates.

We are working on the remediation plan to avoid the loss of funds. We will share more details once the plan is fully aligned and approved.”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.