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  • Writer's pictureImpermax Team

IMX Incident: Refund Allocations

After the July IMX Incident we have decided to go through a token swap to substitute IMX with IBEX, a new token. With this operation our goal is to make everyone whole and regain the trust of our community to move toward a stronger beginning. The new token will be airdropped to previous holders of IMX using a snapshot taken before the incident happened. Additionally, we will refund lost ETH to IMX liquidity providers.

During the month of August we had to go through an extensive on-chain analysis to determine which addresses are eligible to receive IBEX and/or ETH, and in which amount. The analysis is finally complete and in this article we will disclose the results, along with the methodology that was used.

IBEX Refund Allocations

The initial 100M total supply has been split in 4 parts:

Liquid tokens: 51,75M

The initial IBEX circulating supply. These tokens will be distributed to users that were holding/lending/staking IMX at the time of the snapshot. Recipients will be able to claim IBEX through a MerkleDistributor contract (the generic contract used for airdrops). Liquid IBEX allocations:

Vested tokens: 34,78M

IMX that were vested before the incident will be converted to vested IBEX. The vesting schedule will resume from when it was paused, and will be the same that was used for IMX (the end date will be the same). Vested IBEX allocations:

Manual transfers: 0,72M

For technical reasons, in some cases where the recipient address is a contract the IBEX tokens will be transferred manually:

  • 272706 IBEX will be transferred to Umami

  • 444340 IBEX will be transferred to DuckDao

Burnt tokens: 12,75M

All unclaimed IMX tokens that were left in the airdrop contract will be burnt. This will result in 12.75M tokens being burnt. Effectively, IBEX total supply will be 87.25M instead of 100M.

ETH Refund Allocations

IMX liquidity providers were affected more than anyone else during the incident: not only they lost the value of their IMX, but after the dump occurred they also lost the ETH (or other L1 token) liquidity that they were providing to the market. Since our objective with this relaunch is to compensate everyone, we will refund all the ETH liquidity held by IMX liquidity providers at the time of the snapshot.

After the incident we were able to recover 105.66 ETH from the hacker:

  • 48.78 ETH have already been used to refund lenders on IMX pairs by clearing bad debt.

  • 23.81 ETH will be used to refund liquidity providers and leveraged liquidity providers, by calculating the refund amount as the ETH exposure (ETH provided minus ETH debt, more info under Methodology).

  • The remaining 33.07 ETH will be used to provide initial liquidity for IBEX to the market.


All on-chain analysis has been performed on a snapshot taken Jul 16th at 4:28 PM +UTC (Ethereum block 15154800). We analyzed the following sources to find eligible IBEX recipients:

IMX holders, lenders and stakers

Users who were holding, lending or staking (or holding xIMX) on any chain at the time of the snapshot will receive IBEX with a 1:1 ratio. Users who bought IMX after the snapshot but before the incident was officially announced will also be counted in.

Users with pending IMX farming reward

Impermax users who earned some IMX by using the protocols but that hadn’t claimed all of their reward at the time of the snapshot will also receive IBEX with a 1:1 ratio.

Liquidity providers to IMX pairs

Users who were providing liquidity to any IMX pair on any chain will receive both ETH and IBEX:

  • They will receive as much IBEX as the amount of IMX they were providing as liquidity at the time of the snapshot.

  • They will receive as much ETH as the amount they were providing as liquidity to the IMX-ETH pair. Liquidity providers for IMX-AVAX, IMX-FTM, IMX-MOVR and IMX-QUICK will receive the ETH equivalent based on the conversion ratio. The following conversion ratios have been used: AVAX/ETH: 0.01356, FTM/ETH: 0.0001833, MOVR/ETH: 0.00853, QUICK/ETH: 0.04053.

Leveraged liquidity providers to IMX pairs

A similar methodology has been applied as the one used for regular liquidity providers, but with some changes:

  • For both tokens provided we considered net balances. If a user was providing X IMX and had a debt of Y IMX, the balance considered was X minus Y.

  • The total refund value was capped to the value of the equity. Let’s consider the case of a user farming IMX-ETH who had a positive net IMX balance but a negative net ETH balance. In this case the net balance considered for IMX would have been lowered to compensate for the negative ETH balance in such a way that the refund value would match the value of the equity.

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