The IoTeX blockchain network has recently experienced a shocking exploit. In this respect, the IoTeX Bridge has undergone a hack that has drained more than $8M in crypto. As per the data from PeckshieldAlert, the security breach took place due to the compromise of a private key. Hence, the exploiter got the permission to take away the funds and swapped them into Ethereum ($ETH) to subsequently bridge them to Bitcoin ($BTC).
#PeckShieldAlert The IoTeX[.]io Bridge @iotex_io has been hacked for over $8M worth of crypto due to a compromised private key. The hacker has swapped the stolen funds to $ETH and has started bridging them to #BTC via #Thorchain. pic.twitter.com/uNWHzahk4F
— PeckShieldAlert (@PeckShieldAlert) February 21, 2026
Private Key Compromise Results in $8M IoTeX Bridge Hack
IOTEX has officially tweeted about this attack. The hack paved the way for the exploitation of up to $8M following a private key compromise. The market data reveals that the hacker rapidly swapped the stolen tokens into Ethereum ($ETH). Without any further delay, the attacker started bridging the assets to Bitcoin ($BTC). For this purpose, the hacker leveraged Thorchain.
We are aware of recent reports regarding suspicious activity involving an IoTeX token safe. Our team is fully engaged, working around the clock to assess and contain the situation. Initial estimates indicate the potential loss is significantly lower than circulating rumors…
— IoTeX (@iotex_io) February 21, 2026
The respective exploit has triggered concerns among the crypto community members, indicating the current vulnerabilities that the cross-chain bridges face. In addition to PeckShieldAlert’s report, IoTex has also confirmed being aware of the incident dealing with a token safe. At the same time, the company also assured the consumers that it had taken control of the situation. Along with that, it asserted that the losses are notably lower than the widespread rumors based on the initial estimates.
$IOTX Token Dip 9% after Exploit
Moreover, IoTeX pointed out that the swift coordination with its security partners and exchanges played a crucial role in overcoming the challenging situation. Due to the hack, the $IOTX token has witnessed a sharp plunge to $0.004909. This suggests a 9.15% dip over the past 24 hours. Overall, this exploit is a stark reminder of the vulnerabilities of the blockchain projects amid the growingly sophisticated attacks, indicating the need for robust security advancements to prevent such incidents in the future.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
10x Research: The battle over stablecoin regulation heats up, with increasing strategic divergence between Circle and certain CEXs
Recently, competition between Circle and a certain CEX has intensified in the stablecoin economy. Circle supports stablecoin regulatory legislation to gain legitimacy, and despite facing stock price volatility, it may benefit from regulatory certainty in the long term. The CEX, however, focuses on short-term gains. 10x Research is reassessing its investment strategy.
GateNews16m ago
Veteran Investor Simon Dixon Criticizes Michael Saylor's Bitcoin Accumulation Strategy
Veteran investor Simon Dixon criticized Michael Saylor's Bitcoin accumulation strategy, arguing that it may exacerbate Bitcoin centralization risks. He called for a return to self-custody and long-term holding rather than concentrated allocation through publicly traded companies.
GateNews44m ago
Crypto Market Records Modest Gains As Mixed Sentiment Prevails
The crypto market has seen a 1.35% rise, reaching a $2.44T capitalization, despite a 21.65% drop in volume. Bitcoin and Ethereum experienced gains, while top gainers included $GPM, $TRUMP, and $PEPE. DeFi TVL and NFT sales also surged, with key purchases and services announced.
BlockChainReporter1h ago
NFT Buyers This Week Doubled, Ethereum Sales Remain Top Position
This week, the NFT market showed active trading with buyer numbers growing 100.75% to reach 236,771 people, and seller numbers increasing 141.83% to 295,021 people, but total transaction volume declined 31.63% to 903,279 transactions. Ethereum and Polygon performed outstandingly, particularly with Polygon's Courtyard series experiencing significant sales growth. Analysis indicates that despite the increase in buyers, the average purchase quantity per person has declined, resulting in limited overall sales growth.
GateNews1h ago
Robinhood Launches $1.5 Billion Stock Buyback Program as Stock Price Falls 39% by 2026
Robinhood Markets approved a $1.5 billion stock buyback program on March 24, aimed at enhancing shareholder confidence and optimizing capital returns. The plan will be implemented starting in the first quarter of 2026, with a timeline of approximately three years. This move reflects management's confidence in the company's long-term development and may help alleviate market pressure from stock price declines.
GateNews2h ago
Pump.fun Allows Creator Fees to Be Adjusted Only Once After Launch, Trading Volume Drops Significantly
Memecoin token issuance platform Pump.fun has updated its fee distribution mechanism, allowing token issuers to change the fee recipient only once, in order to prevent malicious manipulation. Community reactions are mixed; some users believe the change has limited impact. Platform activity and revenue have declined, with income and trading volume in 2026 dropping sharply, highlighting the need to optimize the incentive balance between creators and traders.
GateNews2h ago
