IOTA (MIOTA) Trinity Wallet Users Must Use the Seed Migration Tool or Lose Funds

IOTA (MIOTA) has advised users of its Trinity wallet who opened their accounts between December 17, 2019, to February 18, 2020,  to use the seed migration tool to protect their funds from being stolen, according to a tweet on February 20, 2020.

IOTA Salvaging the Ugly Situation

Following the IOTA (MIOTA) Trinity desktop wallet bug that gifted hackers with people’s MIOTA tokens, the IOTA team has announced that all those who started using the wallet between December 17, 2019, to February 18, 2020, are required to use the seed migration tool in order not to lose their coins.

IOTA tweeted:

“Trinity users – if you opened #Trinity between Dec 17th 2019 – Feb 18th 01.30 CET 2020, you will need to use the seed migration tool to protect your tokens. Further details about the tool and migration period soon.”

Notably, IOTA has also made it clear that users of Ledger Nano hardware wallets do not need to use the migration tool, but they may need to change their passwords.

It will be recalled that the users of the IOTA Trinity desktop wallet got their funds stolen on February 12, 2020, due to a security breach on the platform. 

The IOTA team quickly wielded its power of centralization and brought the network to a halt at the time, in a bid to investigate the hack.

IOTA (MIOTA) Criticized 

As reported by BTCManager on February 16, 2020, the IOTA team announced that it has fixed the bug that led to the $1.6 million loss of MIOTA tokens. And on February 17, the team revealed it has released a safe and more secure Trinity wallet.

The team said:

“Balances and transactions are fetched on login. If your balances do not look correct or you have unrecognized outgoing transactions, please contact a Discord mod or member of the IOTA Foundation directly on Discord.”

It’s worth noting that this is not the first time that serious vulnerabilities have been found in the IOTA network and this latest scenario has triggered more fear uncertainty and doubt in the hearts of IOTA faithful.

Twitter users with the handle @Gocryhaha tweeted:

“You have an army of programmers and mathematicians at work and then this happens? Get real…starting to lose my faith in this project.”

@UndeniablyWise tweeted:

“Still laugh that suckers believe in this project.”

@DenisBarry1 tweeted:

What a joke.. I come back after two years and have to go through the same old process of multiple steps which get me no where. Got trinity, created new password, snapshot transition not working and tried changing nodes but that's not working too.. Never ending issues, please help

— Crypto & NFT Cycles (@DenisBarry1) February 21, 2020