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Iota Network relaunch planned around March 10

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Iota Network relaunch is planned around March 10 after the seed migration period ends. After much controversy over its closure, the Coordinator will be launched again, albeit with more safety guarantee for user funds.

The Iota Network was officially shut down on February 12, following multiple reports of user fund thefts. The network’s centralized transaction verifier or the ‘Coordinator’ was held responsible for thefts. The same was closed to avoid further wallet causalities and also investigate the matter in detail. Now, Iota Network relaunch will happen within one week.

Iota Network relaunch scheduled after much deliberation and investigation

The investigation had a tough time investing the thefts as the private seeds were also compromised in the attack. Investigation details reveal that a third-party application Moonpay was the culprit. An insecure ‘Content Delivery network’ call was used to load the Moonpay code into the wallet. The code was accessed using the conventional HTTPS request. The hacker manually altered the IP underneath the CDN address to compromise the network.

The attacker used a CloudFlare API key to gain the necessary authorization. It is further believed that the same can only be done by physically compromising the Moonpay network. What’s frightening here is that the CloudFlare keys are vulnerable to the theft, which opens up a range of other risky possibilities. Now, the altered DNS was used to seed the hacker’s code into the user’s wallet and extract the money.

The attack came to light on November 27 and the exploitation incidents began at the end of January. Around 9 million MIOTA were stolen from the network.

Vacation’s over, and now users look forward to Iota Network relaunch

The shutdown period has had a profound impact on the network’s operations. Even though it was done to prevent user funds, it didn’t bode well for the network’s reputation. The Iota team built a seed migration tool to transfer the tokens from the user wallets safely.

The seed migration began on February 29 and will take around a week to complete its job. Next, the Coordinator will be switched on, and the Iota network relaunch will be complete.

Featured Image by Pixabay

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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