IOTA releases migration tool
More than two weeks have passed since the IOTA Foundation received information about the hack of the Trinity Wallet, where according to current information, 8.55 Ti (8,550,000,000,000 IOTA), approximately 2.37 million US dollars were stolen.
With today’s release of the migration tool this situation will not change for the time being. However, there is now a foreseeable time horizon when the IOTA Tangle will run again. The migration tool gives all potentially affected users of the Trinity Wallet the opportunity to migrate their old wallet seed to a new one within seven days. The migration phase will run from 29 February 2020 to 07 March 2020.
The purpose of the tool is easily explained. If two people in the migration phase try to migrate the same seed to a new seed, a KYC process will be triggered. Both persons have to identify themselves personally at the IOTA Foundation by means of identity documents. This prevents the hacker from stealing further MIOTA even after the tangle of stolen seeds has been put into operation.
As soon as the migration phase ends, the IOTA Foundation will “construct a valid tangle” by creating a new snapshot with the submitted new seeds. Before the coordinator is engaged, the node operators must manually download the snapshot in the next step. Then the coordinator can be switched on again, once the migration phase has ended.
Author : Jake Simmons