$IOTX IoTeX Launches IOTX Redemption Portal – Swap Old Tokens for Native Tokens 1:1 for Free, But Read Warnings Carefully First
Here is important news for holders of the original IOTX tokens from 2018. IoTeX has just launched a redemption portal allowing users to swap their old IOTX ERC-20 tokens for native IOTX tokens at a 1:1 ratio, free of charge.
The original IOTX contract on Ethereum from 2018 has remained active, meaning IOTX tokens have existed in two forms simultaneously. The development team is now consolidating them. After the swap, the native tokens will be deposited into the user's existing wallet address.
Important warnings from the team – read carefully before proceeding:
Holders of old IOTX tokens currently on exchanges must withdraw them to a self-custody wallet before initiating the redemption.
Do **not** send tokens directly from an exchange to the redemption portal; doing so will result in the loss of tokens, and they cannot be recovered.
IOTX trading on Coinbase is currently paused, but assets remain safe, and withdrawals are still enabled.
This move cleans up a legacy issue albeit belatedly, it is better than leaving it unresolved indefinitely. The 1:1 ratio and zero-fee structure are excellent. However, the pitfall lies here: many users will likely send tokens directly from an exchange to the portal and lose them entirely because they failed to read the instructions carefully.
The golden rule: to swap tokens to a different format, they must be held in a wallet where you control the private keys. Exchanges cannot handle this for you, and the redemption portal will not accept tokens sent from exchange addresses. Action items:
Withdraw old IOTX from the exchange to a personal wallet (MetaMask, Ledger, etc.).
Visit the official IoTeX swap portal.
Swap at a 1:1 ratio (no fees).
Verify that the native tokens have arrived at the correct wallet address.
If you still hold old IOTX, make sure to handle this promptly. Have you done it yet?
Here is important news for holders of the original IOTX tokens from 2018. IoTeX has just launched a redemption portal allowing users to swap their old IOTX ERC-20 tokens for native IOTX tokens at a 1:1 ratio, free of charge.
The original IOTX contract on Ethereum from 2018 has remained active, meaning IOTX tokens have existed in two forms simultaneously. The development team is now consolidating them. After the swap, the native tokens will be deposited into the user's existing wallet address.
Important warnings from the team – read carefully before proceeding:
Holders of old IOTX tokens currently on exchanges must withdraw them to a self-custody wallet before initiating the redemption.
Do **not** send tokens directly from an exchange to the redemption portal; doing so will result in the loss of tokens, and they cannot be recovered.
IOTX trading on Coinbase is currently paused, but assets remain safe, and withdrawals are still enabled.
This move cleans up a legacy issue albeit belatedly, it is better than leaving it unresolved indefinitely. The 1:1 ratio and zero-fee structure are excellent. However, the pitfall lies here: many users will likely send tokens directly from an exchange to the portal and lose them entirely because they failed to read the instructions carefully.
The golden rule: to swap tokens to a different format, they must be held in a wallet where you control the private keys. Exchanges cannot handle this for you, and the redemption portal will not accept tokens sent from exchange addresses. Action items:
Withdraw old IOTX from the exchange to a personal wallet (MetaMask, Ledger, etc.).
Visit the official IoTeX swap portal.
Swap at a 1:1 ratio (no fees).
Verify that the native tokens have arrived at the correct wallet address.
If you still hold old IOTX, make sure to handle this promptly. Have you done it yet?