Hassan Maishera
On Tuesday, the IoTeX team announced via X that the IoTeX layer-1 is now back online and stable following the recent ioTube exploit.
The IoTeX mainnet underwent an upgrade to version v2.3.4. All nodes are strongly recommended to upgrade to this release to improve network security.
Key features and enhancements of this upgrade include a default blacklist configuration to improve network security. This blacklist contains a list of malicious or problematic EOA (Externally Owned Account) addresses that will be filtered by the node.
IoTeX suffered an exploit on February 21, in which an attacker compromised a private key on its cross-chain bridge, ioTube, siphoning millions of dollars.
The attacker allegedly moved $4.4 million from the bridge. The team is now offering 10% white-hat bounty to the hacker or hackers in exchange for the voluntary return of funds within 48 hours.
IoTeX co-founder and CEO Raullen Chai said the team sent an onchain message offering not to pursue legal action or share identifying information with law enforcement if the remaining funds are returned.
The message states that exchange deposits have been flagged and frozen and offers a 10% bounty for the return of remaining funds.
Chai also said IoTeX is rolling out a new chain version, Mainnet v2.3.4, requiring node operators to upgrade. The update includes a default blacklist of malicious externally owned account (EOA) addresses.
IoTeX assured its community that the incident is “under control,” adding that its Layer 1 blockchain was not affected and that the breach was isolated to the Ethereum-side infrastructure of the bridge.
IoTeX's mission is to be a privacy-centric blockchain managing the entire information lifecycle of an Internet of Things (IoT) network, including data collection, transport, storage, and utilization. IOTX is up 2.4% today and is currently trading at $0.004556.
