IoTeX confirms the compromise of a private key associated with their token, with estimated losses amounting to $8.8 million.

Hack Overview

A compromised private key gave an attacker access to an IoTeX token safe, draining roughly $8.8 million across assets such as USDC, USDT, IOTX, PAYG, WBTC and BUSD. The stolen tokens were swapped for Ether, and at least 45 ETH were later bridged into Bitcoin to obscure the trail. On‑chain data confirms the multi‑million dollar loss.

Attacker Activity

Investigators linked the theft to wallets 0x6487B5…44f and Bitcoin addresses 1PN2BoHU4b and 135oSa2fob. Approximately 111 million CIOTEX tokens were minted from address 0xA467a6c7…00A88, and 9.3 million CCS tokens (about $4.5 M) were drained from 0xE6A191a8…55d9. These actions point to a coordinated effort to monetize the breach.

IoTeX Response

IoTeX announced awareness of the “suspicious activity” and is working with major exchanges and security partners to freeze the attacker’s funds. The team says early estimates suggest the loss is lower than circulating rumors and that all remaining funds on the IoTeX chain are safe. Normal chain operations are expected to resume within 24–48 hours after the addresses are frozen.

Market Impact

Following the incident, IOTX price dropped more than 15 % over the last week and about 9 % in the past 24 hours, trading around $0.004. Trading volume surged 920 % to $22 million, while the broader crypto market posted a modest gain, reaching a $2.34 trillion market cap.