IoTeX opens cross-chain bridge security incident compensation application portal

Foresight News reported that IoTeX has opened a compensation application portal for the cross-chain bridge security incident. The IoTeX Foundation will provide 100% compensation to all affected users.

According to previous Foresight News reports, IoTeX released an update report on the ioTube cross-chain bridge security incident. On-chain analysis shows that the actual economic loss from this incident is approximately $4.4 million. Although the attacker minted 410 million CIOTX tokens, 99.5% of them were neutralized through locking on Ethereum and Base networks or freezing via network upgrades. The attacker converted about $4.4 million in reserve assets into 2,183 ETH, and eventually swapped them for 66.78 BTC through THORChain.