IoTeX Confirms $2 Million Hack, Disputes Higher Loss Estimates

IoTeX, a blockchain platform, has confirmed a recent hacking incident resulting in losses of approximately $2 million. However, on-chain analysts estimate that the actual loss may be significantly higher, potentially reaching $4.3 million.

The hack involved the compromise of multiple contract assets, including USDC, USDT, IOTX, PAYG, WBTC, and BUSD. The attacker then laundered the stolen funds through a multi-step process, swapping them for ETH and bridging 45 ETH to Bitcoin.

IoTeX has suspended chain operations to undergo security upgrades and has coordinated with exchanges and law enforcement to freeze the stolen funds. Deposits and normal operations are expected to resume within 24-48 hours pending the completion of these upgrades.