IoTeX Launches Compensation Portal Following Security Incident, Clarifies Fund Sources

IoTeX has announced the official launch of its compensation portal, providing a channel for users affected by a recent security incident, reportedly due to a suspected private key leak, to submit their claims. The blockchain platform has stated that all impacted users will receive compensation.

IoTeX outlined its compensation plan: users with affected assets totaling under $10,000 will be compensated in stablecoins, covering over 90% of affected users. For those with affected assets exceeding $10,000, full compensation will be provided in phases, with additional rewards offered.

Importantly, IoTeX has clarified that the funds for compensation do not originate from the sale of IOTX tokens. Instead, the compensation pool is being drawn from the foundation's treasury, which comprises Bitcoin and stablecoins. The company is continuing its efforts in fund tracking and law enforcement, with any recovered stolen assets to be directly allocated to user compensation.

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