IoTeX Security Breach Overview
IoTeX has recently experienced a significant security breach, leading to reports of approximately $2 million in losses. This figure stands in contrast to claims from on-chain analysts, who have raised concerns that the theft could be as high as $4.3 million. The blockchain platform described the incident as a “long-planned attack” orchestrated by highly skilled perpetrators targeting several chains simultaneously.
Immediate Response and Investigation
After detecting unusual activities linked to one of its token safes, IoTeX quickly took action, working closely with cryptocurrency exchanges and law enforcement agencies to freeze the stolen funds. The platform’s response included detailed investigations into the breach, which appeared to have compromised the private key, allowing the assailant to siphon off various tokens, such as USDC, USDT, IOTX, PAYG, WBTC, and BUSD.
Details of the Attack
The investigation led by blockchain analyst Specter indicated that the attacker not only drained multiple assets but also engaged in a complex laundering operation. Following the theft, stolen assets were converted into Ethereum (ETH), and at least 45 ETH was transferred to Bitcoin, complicating efforts to trace the funds further. Additionally, the hacker minted 111 million CIOTEX tokens, which indicates they could control token issuance.
Future Measures and Community Assurance
In light of the breach, IoTeX took immediate measures to halt all chain operations for security enhancements. The company has assured its users that normal activities and deposits will resume within the next 24 to 48 hours. IoTeX remains committed to providing transparent updates regarding the situation as it unfolds while collaborating with investigators to trace and recover the lost assets.
Despite the high stakes of this incident, IoTeX urged its community not to panic, emphasizing that the estimated losses may be lower than the figures being circulated online.
