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>>IoTeX Security Notice: Upbit, Bithumb, and Coinone Suspend IOTX Transactions During Ongoing Critical Investigation

IoTeX Security Notice: Upbit, Bithumb, and Coinone Suspend IOTX Transactions During Ongoing Critical Investigation

crypthub

about 2 hours ago

Exchange Suspension and Security Alert

South Korea’s Upbit, Bithumb, and Coinone halted IOTX deposits and withdrawals due to a potential security incident. The coordinated action aims to investigate vulnerabilities in the IoTeX network’s transaction mechanisms. Traders can still trade IOTX spot but cannot move tokens between wallets. The Financial Services Commission monitors such incidents under strict regulatory oversight.

IoTeX Project and Technical Framework

IoTeX is a decentralized platform using Roll-DPoS consensus and hardware like the “Pebble” tracker to secure data. Its layered architecture includes a root chain and sub-chains for applications. Exchanges must maintain secure nodes to support IOTX transfers, and suspensions often signal node or protocol-level risks.

Market Response and Risk Mitigation

IOTX’s price dropped 8-12% temporarily, but spot trading remained active. Experts view the suspension as standard risk management, prioritizing user fund safety. Korean exchanges follow strict guidelines from KISA, requiring rapid action on credible threats. A technical audit with the IoTeX team will determine service restoration timelines.

Regulatory Context and Restoration Process

South Korea’s crypto regulations mandate KYC, AML, and ISMS compliance, fostering collaboration among exchanges. Restoring IOTX services involves investigations by IoTeX, verification by exchanges, and node software updates. Services will resume only after confirming network stability, ensuring no residual risks remain.