Last week, IOTA Foundation’s Trinity Wallet for the safe-keeping of IOTA tokens suffered an attack, as a result, they paused the mainnet network.
In today’s update, the Foundation reported that they have released a “safe version” of the Trinity Desktop that will allow users to check their balance and transactions. However, the IOTA Coordinator remains halted while the investigation about the stolen funds continues.
“We have just released a safe version of Trinity Desktop to allow users to check their balance and transactions. This version (1.4.1) removes the vulnerability announced on 12th February 2020. Download the version here and install it over your old version: https://github.com/iotaledger/trinity-wallet/releases/tag/desktop-1.4.1,” said the Foundation on Monday.
The latest update from the IOTA Foundation also stated that the Trinity Mobile is not affected by the attack but asked users to not open the wallet until a new version of the same is released. The Coordinator meanwhile will remain down until a remediation plan is finalized.
Pausing the “100% Decentralized” Network
In the middle of last week, the reports of fund theft first came into light and the IOTA Foundation took action to turn off the Coordinator in order to ensure no further theft.
The fact that the IOTA Foundation paused the network raised a big question on its “100% decentralized” claims.
However, IOTA Foundation maintained, “the halt of the coordinator interrupted the attacker’s attempts to liquidate funds on exchanges.”
“While the IOTA Foundation can press a button and shutdown the system, this in no way means IOTA is centralized. It is in fact 100% decentralized, in the words of the IOTA Foundation,” said commentator Eric Wall.
Despite the news of stolen funds and IOTA halting its network, the price of the cryptocurrency remains unaffected.
The 23rd largest cryptocurrency by market cap of $889 million is currently trading at $0.279 with 24 hours gains of 5.35%.
In 2020 so far, IOTA has surged 63.50% but is still down 95% from its all-time high of $5.54.
Working on getting the Network Back into Full Operation
This wallet was launched in June 2019 by the IOTA Foundation as the “secure software wallet for IOTA tokens,” which was “rigorously security audited by leading security firms.”
And during the investigation, IOTA Foundation successfully identified the attack on Trinity wallet via third-party integration.
About 10 of the victims have been identified by the firm but no transfer or liquidation of the monitored funds by any crypto exchanges are reported yet.