IOTA announced the arrival of its new wallet — Firefly

IOTA announced the arrival of its new wallet — Firefly
Written by:
Ali Raza
November 26, 2020
  • IOTA recently announced the soon arrival of its new wallet, Firefly.
  • The new announcement comes more than nine months after IOTA's other wallet, Trinity, got hacked for $2m.
  • The company strengthened its security, and many expect that the same is true for the new wallet.

Cryptocurrency project IOTA (MIOTA) recently took to Twitter to announce the arrival of its new wallet, Firefly. Apart from presenting the wallet’s logo, the tweet was also accompanied by the promise of ‘Coming Soon.’

IOTA announces its new wallet

Two days ago, on November 24th, IOTA announced the pending arrival of its brand new wallet called Firefly, via Twitter. The tweet did not specify the time or even the date of the launch, but it did promise that it is coming soon.

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While many were pleased to hear the news, others have criticized the new wallet’s name, noting that it is not as “elegant” as the name of IOTA’s other wallet, Trinity.

Trinity wallet hack

As some may remember, IOTA’s other wallet, Trinity, saw a major hack earlier this year. On February 12th, 2020, Trinity wallet suffered an attack on its software, causing the entire IOTA network to shut down for nearly a month.

The network was shut down by IOTA itself, in order to prevent further security breaches. However, reports noted that the attackers still managed to steal 8.55 million MIOTA ($2 million) from 50 wallet users before the company could react.

After the attack, IOTA announced that it is overhauling its internal processes, changing software security practices, and bringing improvements to its security capabilities and resources. The company promised that it will not let something like that happen again.

In the meantime, it was working with the FBI, as well as numerous countries’ police to identify the attacker. Its founder, David Sønstebø, also promised to repay all victims of the hack.

Now, the project is announcing a new wallet, likely with much stronger security features, although the exact details of what the wallet has to offer still remain unknown.