IOTA Foundation Resolves Network Issue, Will Activate Network By March 2

After shutting down its entire network earlier this month, the IOTA Foundation has announced that it is ready to switch the IOTA network back on. The company has made significant progress with handling the network breach which resulted in the loss of millions of dollars.

IOTA says that at the moment, it is hard at work, trying to develop new channels its many customers can use to move their funds entirely from the wallets they currently have to new ones. This will be done to reduce the risk of any further losses. In total, IOTA lost about $2 million worth of funds to the breach.

IOTA earlier announced that a hack had occurred on the network, resulting in a loss of between $300,000 and $1.2 million. Since the breach mostly affected Trinity wallet holders, IOTA initially asked all Trinity users to log out of their wallets and stay that way until further notice.

Hours later, the Foundation then announced that it had shut down its Coordinator node, essentially taking the network offline. This was to prevent any more funds from being lost.

Last week, the Foundation then announced a new and safe desktop Trinity wallet for customers to check their wallets. It asked that “unrecognized outgoing transactions” be immediately reported.

The IOTA network will be opened again, on March 2.

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