IoTeX Hit by Private Key Exploit, Attacker Drains Over $2 Million
A personal key exploit gave an attacker management of IoTeX’s TokenSafe and MinterPool contracts on February 21. Eventually, the hackers drained an estimated $2 million in crypto belongings, sending IOTX down by over 9%.
Why it issues:
- IOTX holders face direct losses because the token fell roughly 9.2% to $0.0049, in response to CoinGecko data.
- The attacker used THORChain to bridge stolen ETH to Bitcoin, complicating efforts by exchanges and safety companions to freeze the funds.
- IoTeX confirmed the scenario is “below management,” and the exploit impression is round $2 million USD. But some on-chain analysts suggest whole losses might attain $8 million.
The particulars:
- The assault unfolded between 7 and 9 AM UTC on February 21, giving the hacker full entry to IoTeX’s TokenSafe and MinterPool contracts through a compromised non-public key.
- On-chain analyst Specter flagged the breach first, reporting $4.3 million drained in USDC, USDT, IoTeX (IOTX), WBTC, PAYG, and BUSD.
- The hackers swapped the Stolen funds to ETH and bridged roughly 45 ETH to Bitcoin through THORChain.
- The hacker additionally drained 9.3 million CCS tokens value roughly $4.5 million, pushing whole estimated losses towards $8.8 million, as per Specter.
- IoTeX co-founder Raullen Chai stated on X that exchanges are cooperating to freeze associated addresses. The IoTeX chain is predicted to renew in 24–48 hours.
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