IoTeX Addresses Security Breach in Cross-Chain Bridge

IoTeX has released an update regarding the security incident involving the ioTube cross-chain bridge on February 21. According to Odaily, the IoTeX mainnet resumed full operations on February 24 at 6:06 AM UTC+8, with the Mainnet v2.3.4 upgrade permanently blocking 29 attacker addresses and freezing approximately 45 million IOTX tokens. On-chain analysis revealed that attackers maliciously minted 410 million CIOTX tokens, with 99.5% of these being locked or frozen, and only 0.4% liquidated through decentralized exchanges. The cross-chain bridge reserve assets suffered a total loss of around $4.4 million. The attackers converted assets like USDC and USDT into 2,183 ETH, which were then exchanged via THORChain into 66.78 BTC. Currently, the BTC assets are distributed across four monitored Bitcoin addresses. The IoTeX Foundation has pledged to fully compensate all affected users using treasury funds, with specific compensation plans to be announced soon.