IoTeX got compromised as the private key tied to a token safe associated with it gave an attacker unauthorized access. This led to a multi-million dollar drain across several assets, according to on-chain data and project statements. The estimated amount lost in the hack totals around $8.8 million. Meanwhile, the disputes that figure.
Initial reports indicate that contract-held assets, including USDC, USDT, IOTX, PAYG, WBTC, and BUSD. These tokens were removed from the token safe. The stolen tokens were reportedly swapped into Ether, while at least 45 ETH were bridged into Bitcoin. This implies that the attacker attempted to obscure the trail.
111M CIOTEX minted amid IoTeX security incident
According to the data shared by Specter, 0x6487B5006904f3Db3C4a3654409AE92b87eD442f and two Bitcoin addresses beginning 1PN2BoHU4b and 135oSa2fob are being identified as attacker wallets. Apart from this, around 111 million CIOTEX tokens were minted at address 0xA467a6c7cA8e812E997bfe50Ce4E7991aAd00A88. However, another 9.3 million CCS tokens valued at roughly $4.5 million were drained from address 0xE6A191a894dD3c85e3c89926e9f476F818eE55d9.
IoTeX, in a post, mentioned that it is aware of “suspicious activity involving an IoTeX token safe” and that its team is working to assess and contain the situation. It added that early estimates suggest the potential loss is “significantly lower than circulating rumors.”
The platform highlighted that it has coordinated with major centralized exchanges and security partners to trace and freeze assets linked to the attacker. It urged that the situation is under control and would provide further updates on the matter.
Raullen Chai, co-founder of IoTeX, took to X in order to calm the situation. He stated that exchanges are cooperating to freeze related funds and that efforts to contain the hackers are ongoing. He added that the IoTeX chain is expected to resume normal operations within 24 to 48 hours after the attacker’s addresses are frozen.
The IoTeX chain will be back in an estimated 24–48 hours, along with exchange deposits, after the hackers’ addresses are frozen. All funds are safe on the IoTeX chain! https://t.co/NpYQ6x5XsX
— raullen.eth (@Raullen) February 21, 2026
He ensured that the company is working closely with our security partners to investigate and recover funds where possible. Till then, all funds are safe on the IoTeX chain, Chai wrote.
IoTeX (IOTX) price saw a massive price drop after the incident came to light. IOTX price dipped by more than 15% in the last 7 days. It is down by almost 9% over the last 24 hours. IOTX is trading at an average price of $0.004 at the press time. Its 24-hour trading volume spiked by more than 920% to hit $22 million. Amid this, the global crypto market posted a marginal gain in the last 24 hours to hit $2.34 trillion cap.
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