IoTeX’s IOTX coin dropped almost 10% after suspicious activity was detected in one of its token safes, CoinGecko data shows.
The team behind the blockchain platform built for Internet of Things (IoT) applications stated that the incident is under investigation and reassured users that the impact is far less severe than rumors have suggested.
The breach was first reported by Specter, an on-chain monitoring account known for tracking blockchain irregularities in real time.
According to the investigator, an apparent compromise of IoTeX’s private key allowed the attacker to empty its token safe. A range of assets, including USDC, USDT, IOTX, PAYG, WBTC, and BUSD, were extracted, converted into ETH, and partially bridged to Bitcoin, with 45 ETH moved across chains.
According to the investigator’s early assessment, the losses have reached approximately $8.8 million so far.
IoTeX said it has engaged major exchanges and security partners to help track and immobilize the hacker’s holdings.
Source: https://cryptobriefing.com/iotex-token-breach-confirmation/
