The post IoTeX Suffers $8 Million Hack After Private Key Compromise appeared first on Coinpedia Fintech News
As the crypto industry adopts AI-focused blockchain netowrk it is exposing itself to more security risks. IoTeX, a blockchain platform built for real-world AI, recently suffered a major security hack, resulting in nearly $8 million in losses.
Here’s how the IoTeX $8 million hack happen & how the IoTeX team is responding to it. Are users’ funds safe?
How IoTeX $8 Million Hack happen?
PeckShield, a blockchain security firm, said the hacker carried out the attack after compromising a private key. As a result, the hacker had complete access to the token safe and could take out various cryptocurrency assets.
The hacker compromised several tokens, including USDC, USDT, IOTX, PAYG, WBTC, and BUSD. They withdrew these assets directly from the smart contract vault, showing they had authorized access rather than exploiting a smart contract bug.
The attack turned serio
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