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

A private key exploit gave an attacker control of IoTeXs 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.