IoTeX Releases IIP-56 Proposal: Deprecating CIOTX and Opening 1:1 Claim Redemption for IOTX

Odaily News IoTeX has released the IIP-56 governance proposal, aiming to fully deprecate CIOTX on the Ethereum, Base, and Solana networks and permanently shut down the related cross-chain bridges. Previously, on February 20th, the ioTube cross-chain bridge was attacked, resulting in unauthorized minting of CIOTX on the Ethereum side. The related abnormal minting will not be recognized.

According to the proposal, eligible holders need to submit their transaction hash via the official claim portal. After verification, IOTX will be distributed on the IoTeX mainnet at a 1:1 ratio. The BSC, Polygon, and IoTeX mainnet were not affected by the abnormal minting. The related cross-chain bridges will be temporarily restarted after completing audits to allow users to migrate back to IOTX, before being permanently decommissioned. Simultaneously, the project team will notify centralized and decentralized exchanges and DeFi protocols to remove CIOTX-related integrations.