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>>IoTeX Bridge Security Breach: Massive $8 Million Cryptocurrency Theft Reveals Severe Bridge Weaknesses

IoTeX Bridge Security Breach: Massive $8 Million Cryptocurrency Theft Reveals Severe Bridge Weaknesses

crypthub

about 3 hours ago

IoTeX Bridge Hack Overview

The IoTeX bridge suffered a $8 million crypto theft via a private key leak, revealed by PeckShield on November 15, 2024. Attackers converted stolen assets to Bitcoin using ThorChain, exposing critical bridge vulnerabilities. This incident highlights systemic risks in cross-chain infrastructure, adding to past breaches like the Ronin and Wormhole hacks.

Attack Vector and Security Failures

The exploit stemmed from compromised private keys, a recurring issue in bridge security. IoTeX bridges connect IoTeX and Ethereum networks, but weak key management and smart contract flaws remain major risks. Forensic analysis showed a 48-hour laundering process involving DEX swaps and ThorChain transfers, demonstrating evolving attack techniques.

Industry Response and Mitigation

Security firms like PeckShield tracked stolen funds and alerted exchanges, while IoTeX investigated the breach. Experts recommend multi-signature systems, time-locked withdrawals, and decentralized key management to reduce risks. Regulatory scrutiny is intensifying, potentially driving stricter standards for bridge security and insurance protocols.