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Iota Set To Relaunch Network In One Week

Ramsey Baker

Summary: Iota (MIOTA) started its seed migration period on Feb. 29 and plans to reopen their network around March 10. Despite the criticism the company faced for the decision to close the Coordinator, it may have possibly saved many users’ funds from being stolen. Iota shut the network off on Feb. 12, after the team received ...

Iota (MIOTA) started its seed migration period on Feb. 29 and plans to reopen their network around March 10. Despite the criticism the company faced for the decision to close the Coordinator, it may have possibly saved many users’ funds from being stolen.

Iota shut the network off on Feb. 12, after the team received reports of drained user wallets. This was only made possible by the presence of the Coordinator, a centralized transaction verifier that is necessary to operate the network. This shutdown prevented the attacker from draining any more user wallets and gave the team time to investigate.

By Ramsey Baker

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