IoTeX proposes ending CIOTX support on all networks following $4.4M hack

IoTeX (IOTX), which recently suffered a $4.4 million loss from a validator key theft, has proposed on X to end support for CIOTX across all its networks. The proposal covers networks including Ethereum, Base, Solana, BSC, Polygon, and IoTeX. The plan, designated IIP-56, outlines different termination procedures for each network based on the extent of the damage suffered. IoTeX intends to submit the proposal for community discussion before proceeding to a governance vote. The move follows an incident where a hacker illicitly minted 410 million CIOTX and converted $4.4 million in bridged assets to BTC and ETH.