Proposal Background and Core Measures
Recently, IoTeX officially introduced Proposal IIP-56, aiming to completely retire the CIOTX tokens impacted by the cross-chain bridge attack. This incident led to unauthorized minting of CIOTX on the Ethereum network. To safeguard the ecosystem's security, IoTeX has decided to permanently disable CIOTX on Ethereum, Base, and Solana chains and shut down the associated bridge services.
Compensation Plan for Affected Users
To support users impacted by the attack, IoTeX has launched a dedicated claims process. Users are required to submit their transaction hashes through the official claims portal. Upon verification, they will be able to exchange their CIOTX for IOTX at a 1:1 ratio on the IoTeX mainnet, ensuring asset value remains intact.
Handling Plans for Unaffected Chains
For CIOTX tokens on BSC, Polygon, and the IoTeX chain, which were not affected by the unauthorized minting, the bridges will reopen after thorough audits, allowing users to migrate to IOTX independently. Eventually, all bridge services will be permanently decommissioned.
Coordinated Actions with Ecosystem Partners
To ensure the complete removal of CIOTX from circulation, IoTeX will collaborate with major centralized exchanges (CEXs), decentralized exchanges (DEXs), and DeFi protocols to delist or remove all CIOTX integrations, further eliminating residual effects.
- Full retirement of CIOTX tokens
- Cross-chain bridges permanently shut down
- Users can submit hashes to claim IOTX
- Ecosystem platforms to delist CIOTX