IoTeX bridge hacked: $9M lost in security breach

IoTeX was hacked via a private key exploit, with losses nearing $9M after attackers drained and minted tokens. The breach exposed bridge vulnerabilities and caused a drop in IOTX price.

IoTeX suffered a significant security breach targeting its cross-chain bridge and TokenSafe contracts, reportedly due to a compromised private key. Initial loss estimates were $4.3 million, but further investigation revealed the attacker also minted millions in CIOTX and CCS tokens, raising total losses to around $9 million. The stolen assets—including USDC, USDT, IOTX, PAYG, WBTC, and BUSD—were rapidly swapped for ETH and partially bridged to Bitcoin via ThorChain. Blockchain security firms and on-chain analysts confirmed the exploit, underscoring ongoing vulnerabilities in bridge infrastructure and private key management. IoTeX responded by launching containment and forensic investigations, working with exchanges to trace the stolen funds. The team noted that actual losses may be lower than initial reports. The incident led to a drop in IOTX price and renewed concerns about systemic risks in decentralized finance. Users are urged to remain vigilant and protect their private keys.