IOTX Token Drops as IoTeX Confirms $2M Loss

[etfs]

Following news of the exploit, the IOTX token fell roughly 9%, with markets reacting sharply before stabilizing into volatile trading.

IoTeX emphasized that its core blockchain was not compromised. Instead, the attack targeted a token safe and bridge component connected to the network — a common vulnerability point in cross-chain systems.

The confirmed stolen assets include USDC, USDT, IOTX and WBTC. Bridges often hold significant liquidity to facilitate transfers between chains like IoTeX and Ethereum, making them attractive targets for hackers.

Launched in 2019, IoTeX connects real-world devices — including sensors and machines — to blockchain applications, using IOTX for transaction fees and network operations. The team described the exploit as “sophisticated” and possibly long-planned, though the exact method used to obtain the private key remains unclear.

For now, IoTeX says the chain is secure, the breach is contained and further updates will follow as the investigation progresses.

[cryptohog]

it’s never the chain it’s always the bridge funny how that keeps happening