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- IOTA has released 3 step plans to resolve and secure the assets of individuals.
- Previously when the IOTA’s Trinity wallet was hacked and put at risk, the IOTA foundation had shut down the entire network.
- The fixating also includes rewinding of Blockchain, which is considered a major violation of immutability.
Previously when the IOTA’s Trinity wallet was hacked and put at risk, the IOTA foundation had shut down the entire network through its coordinator until the problem could be tackled and resolved. Now to overcome its previous losses, IOTA has released 3 step plans to resolve and secure the assets of individuals.
However, the fixating also includes rewinding of Blockchain, which is considered a major violation of immutability. The three steps to fix the account is as follows,
STEP 1: the Newer version of Trinity Wallet is released with a secured network and enhanced capabilities. Users are now asked to download this App online and change their password and also do the same to other online accounts of the App and IOTA.
STEP 2: Transfer the previous funds and assets using new seeds as the foundation presumes that the previous seeds have been compromised.
STEP 3: The snapshots before the hack of the IOTA foundation will be used as justification for individual users, and any transactions involving compromised wallets will be rewound. Another system or service will complete the required KYC (Know Your Customer) procedures and identification process to return the compromised funds.
The new updates are mandatory for all the users because if the user prolongs to use the previous version of the IOTA Trinity wallet, it is still at the risk of being hacked and the vulnerability of losing the assets again.
The IOTA foundation network will still remain offline for a few more days until the whole vulnerability is terminated from its network and launches the platform on a more secure network.
During that, no transactions can be made, and further instructions regarding further working are said to be released soon. This is considered one of the top crypto disasters in the Blockchain and Crypto history.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
