The IOTA network is finally ready to re-launch its network and will do so next week. The IOTA Foundation shut down its network recently, after it was attacked and a considerable amount of funds were stolen.
On the 12th of February, the Foundation announced that it shut down its Coordinator node because it received several reports of a breach. Many users’ wallets were mysteriously emptied, prompting the Foundation to take action.
At first, it announced that it was a problem with Trinity wallets and urged its users to stay away from the wallets. After a while, it decided that the best way to prevent any further losses was to completely turn off the network.
IOTA first released a new Trinity Desktop version, asking its community to log in through it, so they can report any anomalies noticed in their wallets.
Recently, IOTA announced that it was working on developing new channels to guarantee the safety of customer’s funds. It said that this was to help customers move all of their funds from the current wallets to new ones. IOTA is estimated to have lost about $2 million worth.
Also, IOTA says that the attackers most likely took advantage of a “third-party dependency from Moonpay”, which is a fiat-crypto platform.
IOTA plans to relaunch the network on March 10.
