This step makes tracking and recovery more difficult, as funds move across different blockchain networks and become harder to freeze.
Following the hack, the IoTeX native token IOTX drop 7%, trading below $0.050 with a market cap hitting $47.46 million.
IoTeX Team Responds With Investigation
In reaction to the hack, IoTeX was quick to post on X confirming that they were aware of the hack and were working to investigate the issue.
The team confirmed that they were working with major crypto exchanges and blockchain security partners to trace back the stolen funds and stop any further movement.
At the same time, exchanges and partners are helping monitor wallets linked to the attacker and may freeze assets if they enter centralized platforms.
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FAQs
The hacker compromised a private key, gaining full access to IoTeX’s token safe to withdraw assets and create 111 million unauthorized CIOTEX tokens.
The recent security breach resulted in approximately $8 million in losses across multiple tokens, including USDC, USDT, and IOTX.
IoTeX is collaborating with blockchain security firms and major exchanges to track the stolen funds and freeze assets if they enter centralized platforms.
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