IOTA announced network launch date and assets transfer tool

by in Blockchain News

IOTA Trinity wallet

IOTA developers have introduced a tool to migrate Trinity wallet user assets to new secure addresses. They plan to resume network operation on March 10.

Users of the desktop version of Trinity were attacked on February 12th. Attackers allegedly gained access to seed phrases and withdrew funds from several wallets. Losses amounted to approximately $2.4 million in crypto.

During the investigation of the incident, the IOTA team stopped the transfer of assets on the network, stopping the work of the Coordinator. The Coordinator is the transaction confirmation mechanism.

Related: IOTA founders quarrel on Twitter: even charges of exit scam

Later, the developers introduced a safe version of the wallet, but the network did not resume.

Now users of the Trinity application, who opened it from December 17 to February 17, are strongly recommended to use the Seed Migration Tool to send tokens to new secure addresses. This must be done before March 7th.

After this period, there will remain the possibility of manual transfer of assets, but there is a risk of theft if the seed phrase is known to attackers, IOTA developers emphasized.

Recall that at the end of last year, due to a failure in the IOTA network for more than 15 hours, no transactions were made.

Trending: Coinbase wallet users get direct access to cryptocredit

Also recall, that recently IOTA founder David Sonstebo and former board member Sergei Ivancheglo quarrel on Twitter. The conflict began with Ivancheglo’s tweet about refusing further cooperation on the development of the Jinn Labs startup and his readiness to sue Sonstebo with a demand to pay him 25 million MIOTA coins (about $8.5 million).