The IOTA Foundation has said it will reopen its mainnet by March 2nd, after a security breach that made it easy for hackers to take around $2 million worth of MIOTA from Trinity wallet users.
The tech company is reportedly developing transition tools for users to transfer funds from their existing accounts to new ones, so it can reopen the network. IOTA foundation shut down the IOTA mainnet to prevent further losses after the hack and started working with law enforcement agencies, including the German Center for Cybercrime and the Federal Bureau of Investigation.
The Foundation is reportedly working on a plan to refund victims of the attack, which was made possible by a vulnerability in its integration with a fiat-to-crypto onramp platform integrated with Trinity. The number of users affected is yet to be confirmed as the team was only able to identify 50 victims.
Dominik Schiener, the Foundation’s co-founder said:
“One important thing is obviously that this does not affect all IOTA users, but only affects Trinity users of the Trinity desktop wallet. So everybody else is safe and doesn’t have to worry about this.”