#What Happened to IoTeX’s IOTX Coin?
IoTeX’s IOTX coin experienced a significant decline of nearly 10% following reports of suspicious activity linked to its token safe. Data from CoinGecko highlighted this drop, prompting concerns among investors.
The blockchain platform focused on Internet of Things applications announced it is actively investigating the situation. The team has reassured its users that the situation is not as dire as initially reported . They emphasized their commitment to resolving the issue efficiently and protecting their community.
IoTeX's statement indicated that the situation is being monitored closely. They acknowledged the alarming reports of unusual activity involving one of their token safes, assuring stakeholders that they are fully engaged in addressing and mitigating the threat. They noted that initial damage estimates indicate potential losses much lower than circulating speculations.
#Who Discovered the Breach?
The breach came to light through an on-chain monitoring account named Specter, known for its real-time tracking of blockchain irregularities. Specter's investigation revealed an apparent compromise of IoTeX’s private key, which allowed an unauthorized party to deplete its token safe, impacting various assets including USDC, USDT, IOTX, PAYG, WBTC, and BUSD. These assets were reportedly extracted, converted to ETH, and partially bridged to Bitcoin, resulting in the transfer of 45 ETH across chains.
According to initial assessments from Specter, the financial losses have reached approximately $8.8 million, with an additional $4.5 million loss from another compromised contract.
#What Actions are Being Taken?
In response to the breach, IoTeX has partnered with major exchanges and security experts to track down the hacker and restrict access to the stolen funds. The team's proactive approach aims to safeguard the integrity of their platform and reassure their user base that steps are being taken to manage the situation effectively.
As the investigation unfolds, continuous updates will be provided to keep investors informed. This incident serves as a reminder of the volatility and risks in the blockchain and cryptocurrency sector.
Investors should remain vigilant and informed about such occurrences as they can impact market conditions and asset values significantly.