IoTeX Suffers Private Key Exploit, Loses Over $2 Million

IoTeX, a blockchain network launched in 2019, has suffered a security breach after attackers compromised a private key linked to its token safe and bridge infrastructure.

The attacker used the compromised private key to move funds from IoTeX's token safe, quickly swapping the stolen tokens into ETH and then moving them towards BTC using cross-chain services.

This method helps attackers hide their tracks, making recovery more difficult. However, investigators have not yet confirmed how the private key was stolen, whether it was exposed through human error, software vulnerability, or another method.

IoTeX has secured its chain and contained the threat, with the team working with exchanges and law enforcement to recover the stolen funds. The attacker targeted a token safe or bridge component connected to the network, rather than compromising the core blockchain itself.