- As the IOTA Foundation announced, tomorrow, March 10th, is now the official date on which the IOTA Tangle will resume its operations for value transactions.
- It can only be speculated about the impact on the price of IOTA.
Approximately one month after the IOTA Foundation first became aware of the Trinity wallet hack, the IOTA Tangle will resume operations tomorrow, March 10th. After the migration phase for the Trinity wallet ended last Saturday, March 7th, the original schedule to relaunch the IOTA Tangle on the tenth day after the launch of the migration tool will be met.
Via the IOTA status website the IOTA Foundation announced yesterday the relaunch of the Tangle:
The migration period has ended. We are currently preparing to enable value transactions again on March 10 and processing the migration submissions. Users who migrated their seeds will be able to see the correct balance on their new accounts once value transactions are enabled. If you did not manage to migrate your seed, see our FAQ for what you can do next.
If users of IOTA Trinity only now become aware of the hack and have missed the migration phase, the IOTA Foundation recommends downloading the latest version of the Trinity wallet, creating a new account and transferring the IOTA tokens to an address with the new seed either on or after March 10th.
What happens when the IOTA Tangle is restarted?
The IOTA Foundation is currently checking the submission using the migration tool for double seed re-generations to avoid further possible transactions by the hacker. It will then “construct a valid Tangle” by creating a new snapshot with the submitted new seeds.
The coordinator will be switched on when the IOTA Tangle is put back into operation. If users of the Trinity wallet have used the seed migration tool, any outstanding transactions they sent before the coordinator paused will not be confirmed. On the other hand, all pending transactions from users who either did not use the Trinity wallet or did use the Trinity wallet but not the migration tool will still be confirmed.
IOTA co-founder David Sønstebø announced the day before yesterday that he will personally compensate the victims of the Trinity wallet hack. Via Discord, Sønstebø stated that both he and the IOTA Foundation are basically not accountable. However, he decided to use part of his personal IOTA funds to compensate the victims of the hack because he and the IOTA Foundation recommended the Trinity wallet for the light wallet after the problems with the fake seed generators. Sønstebø’s decision was highly recognized in the crypto community.
What the impact on the IOTA prize after the relaunch of the Tangle will be remains to be seen. Predictions about the price development are purely speculative. On the one hand the hack could trigger a sell-off among disappointed investors, on the other hand IOTA remains a very promising project, as Sønstebø recently emphasized again via Discord:
Fortunately this will end well, but let’s not distract from the road ahead. IOTA is so close to blowing virtually all “competitors” out of the water.
At the time of writing, the IOTA price stands at USD 0.19 and has recorded a loss of 11.1% over the past 24 hours, in line with the current market trend.
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