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The IoTeX Bridge Hack: A Private Key, Millions Drained, and a Fast Escape 🚨
It started normaly — no dramatic warning, no countdown. Then suddenly, the IoTeX cross-chain bridge was bleeding funds.
On February 21, the bridge connected to IoTeX was exploited after an attacker compromised a private key with administrative control. Not a complex smart contract bug. Not some zero-day exploit. Just one critical key falling into the wrong hands.
And that was enough.
💰 What Was Taken
With admin access, the attacker drained multiple assets from the bridge — including stablecoins and wrapped tokens — with early estimates ranging from $2 million to nearly $9 million depending on calculations and minted assets.
Reports show the attacker didn’t just withdraw existing funds. They allegedly minted additional tokens using compromised contracts, amplifying the damage.
🔄 The Getaway
After draining the bridge, the hacker swapped funds into ETH and then moved them through THORChain, routing value toward Bitcoin addresses.
That move matters. Cross-chain swaps make tracking and freezing funds significantly harder. It’s a classic crypto escape route — fast, fragmented, and difficult to reverse.
📉 Market Reaction
As news spread, IOTX dropped sharply, falling around 9–10% in hours. Trading volume spiked. Panic always moves faster than official statements.
⚠️ The Real Lesson
This wasn’t a code failure. It was operational security. A compromised private key gave full control over bridge contracts — and bridges are prime targets because they hold large pools of liquidity.
One key. Millions moved.
In crypto, security isn’t just about smart contracts. It’s about who holds the keys — and how well they’re protected. 🔐
Ever heard the rule :
Not your keys - not your crypto ?
This is the perfect example.
Expose your key 🗝️ and say good bye to your crypto.
Cause in crypto, who ever holds the keys holds the coins.
If the exchange hold your keys - your coins are not really yours. If you expose your keys to someone you shouldn't - now HE owns your crypto.
Take care of your keys is the lesson to be learn 🗝️.
#iotxhack
$IOTX
On February 21, the bridge connected to IoTeX was exploited after an attacker compromised a private key with administrative control. Not a complex smart contract bug. Not some zero-day exploit. Just one critical key falling into the wrong hands.
And that was enough.
💰 What Was Taken
With admin access, the attacker drained multiple assets from the bridge — including stablecoins and wrapped tokens — with early estimates ranging from $2 million to nearly $9 million depending on calculations and minted assets.
Reports show the attacker didn’t just withdraw existing funds. They allegedly minted additional tokens using compromised contracts, amplifying the damage.
🔄 The Getaway
After draining the bridge, the hacker swapped funds into ETH and then moved them through THORChain, routing value toward Bitcoin addresses.
That move matters. Cross-chain swaps make tracking and freezing funds significantly harder. It’s a classic crypto escape route — fast, fragmented, and difficult to reverse.
📉 Market Reaction
As news spread, IOTX dropped sharply, falling around 9–10% in hours. Trading volume spiked. Panic always moves faster than official statements.
⚠️ The Real Lesson
This wasn’t a code failure. It was operational security. A compromised private key gave full control over bridge contracts — and bridges are prime targets because they hold large pools of liquidity.
One key. Millions moved.
In crypto, security isn’t just about smart contracts. It’s about who holds the keys — and how well they’re protected. 🔐
Ever heard the rule :
Not your keys - not your crypto ?
This is the perfect example.
Expose your key 🗝️ and say good bye to your crypto.
Cause in crypto, who ever holds the keys holds the coins.
If the exchange hold your keys - your coins are not really yours. If you expose your keys to someone you shouldn't - now HE owns your crypto.
Take care of your keys is the lesson to be learn 🗝️.
#iotxhack
$IOTX
Another Crypto Hack: IoTeX Just Got Hacked for $8.8 Million - Funds Already Moving to Bitcoin
What Happened:
The Attacker Drained Multiple Tokens From The IoTeX Token Safe Including USDC, USDT, $IOTX , WBTC, BUSD And PAYG. All Stolen Funds Were Swapped To ETH And The Hacker Has Already Started Moving 45 $ETH To Bitcoin Through Thorchain.
Update: Another 9.3M CCS Tokens Worth $4.5M Have Also Been Drained, Bringing The Total Loss To Approximately $8.8M.
@IoTeX Network Team Response:
The Team Says They're Working Around The Clock And Have Already Contacted Major Exchanges And Security Partners To Trace And Freeze The Stolen Assets. They Also Claim The Actual Loss Is Lower Than What's Being Reported Online.
Attacker Wallets:
0x6487B5006904f3Db3C4a3654409AE92b87eD442f
0xE6A191a894dD3c85e3c89926e9f476F818eE55d9
1PN2BoHU4buDQWcrNHk9T9NBA2qX8oyYEc
This Is Another Reminder That Private Key Security Is Everything In Crypto. One Compromised Key Can Drain Millions In Seconds.
Stay Safe Out There.
#IOTX #iotxhack
What Happened:
The Attacker Drained Multiple Tokens From The IoTeX Token Safe Including USDC, USDT, $IOTX , WBTC, BUSD And PAYG. All Stolen Funds Were Swapped To ETH And The Hacker Has Already Started Moving 45 $ETH To Bitcoin Through Thorchain.
Update: Another 9.3M CCS Tokens Worth $4.5M Have Also Been Drained, Bringing The Total Loss To Approximately $8.8M.
@IoTeX Network Team Response:
The Team Says They're Working Around The Clock And Have Already Contacted Major Exchanges And Security Partners To Trace And Freeze The Stolen Assets. They Also Claim The Actual Loss Is Lower Than What's Being Reported Online.
Attacker Wallets:
0x6487B5006904f3Db3C4a3654409AE92b87eD442f
0xE6A191a894dD3c85e3c89926e9f476F818eE55d9
1PN2BoHU4buDQWcrNHk9T9NBA2qX8oyYEc
This Is Another Reminder That Private Key Security Is Everything In Crypto. One Compromised Key Can Drain Millions In Seconds.
Stay Safe Out There.
#IOTX #iotxhack
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