August 25th, 2020

Many Lisk addresses are uninitialized, meaning they have no outgoing transactions. Without going into the technical details, an uninitialized wallet is MUCH less secure than one that is initialized. In other words, if you haven’t sent out a transaction from your wallet yet, you risk your funds being stolen.

 

For the official Lisk HQ response to this issue, please read here: https://lisk.io/account-initialization

 

Do I really need to do this? Is there really a risk?

YES! Unfortunately many users so far have lost their funds do to this issue. Not to worry though, initialize your account and your funds will be safe!

 

How do I initialize my account?

Easy! Just send a transaction from your wallet and your address will be initialized!

 

How much does it cost?

It only cost 0.1 LSK to send out a normal transaction.

 

Who can I send the transaction to?

Any address will work, although most users just send it to themselves.

 

Do I have to send a regular transaction? Could I vote, or register a delegate/2nd passphrase?

Any outgoing transaction will initialize your account 🙂

 

I have a hardware wallet, do I still need to initialize?

Yes! All addresses, no matter which wallet, need an outgoing tx in order to be properly secured

 

Why hasn’t Lisk HQ done anything about this?

Actually, they have. This is not a new issue. Lisk HQ have written blogposts, created videos, made tweets, and even put warnings inside the Lisk wallet itself urging Lisk users to initialize their accounts. However, many users still have not done so.

Also, in an upcoming upgrade, the address system will be redone so that this is no longer an issue. The code is actually completed, it is just waiting to be implemented on testnet before a mainnet launch.

 

My funds have been stolen! Is there anything that can be done?

Unfortunately, no, your funds are lost. This is why it is extremely important that users initialize their addresses ASAP. Once your account has been compromised, nothing can be done 🙁