The IoTeX team announced that the security incident had been localized and reported that the confirmed damage amounted to approximately $2 million, including USDC, USDT, IOTX, and WBTC. According to the project, the attack was complex and had been in preparation for a long time. The team is currently working with exchanges and law enforcement agencies to freeze and possibly recover the funds. Network operations and deposits are expected to resume within 24 to 48 hours after security updates are completed.
At the same time, PeckShield estimates the losses at more than $8 million. According to their information, the cause was the compromise of the IoTeX bridge's private key. It is reported that the attacker converted the assets to ETH and began transferring funds to BTC via the THORChain protocol.