IoTeX is currently managing a security incident involving one of its token safes, with the project team taking steps to secure affected assets. The cryptocurrency IOTX experienced a nearly 10% decline following the detection of suspicious activity.
The blockchain platform, focused on Internet of Things (IoT) applications, stated the situation is under investigation. Initial assessments suggest the impact is less severe than widely rumored.
Reports indicate a potential compromise of IoTeX's private key led to the withdrawal of various assets, including USDC, USDT, IOTX, PAYG, WBTC, and BUSD. These were reportedly converted to ETH and moved across blockchains, with approximately $8.8 million in losses estimated so far.
IoTeX has partnered with major exchanges and security firms to trace and freeze the hacker's holdings.