Decentralized identity protocol IoTeX is investigating unusual activity detected by on-chain analysts in one of its token vaults. Analyst Specter determined that a private key was compromised and approximately $4.3 million worth of USDC, USDT, IOTX and WBTC were stolen. The stolen assets were converted to ETH, and approximately 45 ETH were bridged to the Bitcoin network.
IoTeX wallet breach led to $4.3 million in losses. Source: SpecterIoTeX Wallet Breach: Details and Updates
IoTeX announced on its X account that the situation is under control and the losses are lower than rumored. The team is working with major exchanges and security partners to track and freeze the funds. Specter shared transaction records including attacker addresses and quick token swaps via DEXes. The IoTeX team will work 24/7 to provide updates to the community.
- Stolen Assets: $4.3M USDC, USDT, IOTX, WBTC
- Conversion: Swapped to ETH, 45 ETH bridged to BTC
- Detection: Private key compromise
Why Did IOTX Drop? Technical Analysis
After the incident, IOTX price dropped 6.26% in 24 hours (RSI: 29.66 – oversold). Trend is downward, Supertrend giving bear signal. EMA 20: $0.0058. Broader security concerns like Bitcoin’s post-quantum security discussions (7 years needed according to BIP-360) are affecting the market. IOTX futures increased volatility.
Critical Support and Resistance Levels for IOTX
- Supports: S1 $0.0046 (Strong, 72% score), S2 $0.0049 (Strong, 61% score)
- Resistances: R1 $0.0050 (Very Strong, 82% score), R2 $0.0053 (Strong, 73% score)
Frequently Asked Questions About IOTX
How much were the losses in the IoTeX hack? Approximately $4.3 million, but the team states the losses are lower.
Will IOTX price recover? RSI is oversold, strong supports at $0.0046-$0.0049 may offer opportunities.
What are the security measures? Funds are being attempted to be frozen on exchanges, on-chain monitoring continues.
Source: https://en.coinotag.com/iotex-hack-43m-loss-and-iotx-price-drop
