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IoTeX Announces 100% Compensation for Affected Users; Mainnet Fully Restored

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On-chain news from IoTeX reveals that the mainnet was fully restored on February 24 at 6:06 AM following a security breach on February 21 that affected the ioTube cross-chain bridge. The team deployed Mainnet v2.3.4, blacklisting 29 attacker addresses and freezing 45 million IOTX. The attackers minted 410 million CIOTX, 99.5% of which remain locked. The breach resulted in a $4.4 million loss of reserve assets, which were converted into 2,183 ETH and 66.78 BTC via THORChain. The IoTeX Foundation will fully compensate affected users using treasury funds, with a compensation plan to be announced soon.

Odaily Planet Daily report: The IoTeX team has released an update regarding the ioTube cross-chain bridge security incident on February 21. The IoTeX mainnet resumed full operation on February 24 at 6:06 AM, with version Mainnet v2.3.4 permanently banning 29 attacker addresses and freezing approximately 45 million IOTX.

On-chain analysis reveals that the attacker maliciously minted 410 million CIOTX tokens, of which 99.5% have been locked or frozen, and only 0.4% were converted via DEX. The total loss of cross-chain bridge reserve assets amounts to approximately $4.4 million. The attacker exchanged USDC, USDT, and other assets for 2,183 ETH, which were then cross-chain swapped via THORChain into 66.78 BTC. The BTC assets are currently distributed across four monitored Bitcoin addresses. The IoTeX Foundation commits to fully compensating all affected users at 100% using treasury funds; the detailed compensation plan will be announced soon.

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