IoTeX Hit by Private Key Exploit, Attacker Drains Over $2 Million

A private key exploit gave an attacker control of IoTeX’s TokenSafe and MinterPool contracts on February 21. Eventually, the hackers drained an estimated $2 million in crypto assets, sending IOTX down by over 9%.

Why it matters:

• IOTX holders face direct losses as the token fell roughly 9.2% to $0.0049, according to CoinGecko data.
• The attacker used THORChain to bridge stolen ETH to Bitcoin, complicating efforts by exchanges and security partners to freeze the funds.
• IoTeX confirmed the situation is “under control,” and the exploit impact is around $2 million USD. But some on-chain analysts suggest total losses could reach $8 million.

The details: