IoTeX says $4.4M stolen in bridge hack, recovery underway

IoTeX (IOTX) announced via its official X account that it suffered a $4.4 million hack on Feb. 21 due to the theft of a validator key. The attacker minted 410 million CIOTX without authorization and converted $4.4 million in bridged assets into BTC and ETH. The IoTeX team has frozen 86% of the minted tokens. The remainder was sent to Binance and other exchanges, which the team is monitoring. "We have begun deploying patches to restore the network and will resume normal operations once the consensus algorithm is recovered," IoTeX stated. "We expect exchange deposits and withdrawals to resume within 24 to 48 hours. A compensation plan for affected users will also be announced. To prevent future incidents, the bridge will be shut down, and various security measures will be enhanced." Previously, South Korean exchanges Upbit and Bithumb placed IoTeX on their delisting watchlists.