IoTeX: Commits to 100% Compensation for All Affected Users Using Treasury Funds, Mainnet Has Resumed Operation

Odaily News IoTeX team has provided an update regarding the ioTube cross-chain bridge security incident that occurred on February 21. The IoTeX mainnet fully resumed operations at 06:06 on February 24. The Mainnet v2.3.4 upgrade permanently banned 29 attacker addresses, freezing approximately 45 million IOTX.

Based on on-chain analysis, the attacker maliciously minted 410 million CIOTX in this incident, of which 99.5% have been locked or frozen, with only 0.4% liquidated via DEXs. The cumulative loss of cross-chain bridge reserve assets is approximately $4.4 million. The attacker swapped assets like USDC and USDT for 2,183 ETH, which were then cross-chain swapped via THORChain for 66.78 BTC. The BTC assets are currently distributed across 4 monitored Bitcoin addresses. The IoTeX Foundation has committed to using treasury funds to provide 100% compensation to all affected users, with specific compensation details to be announced soon.