IoTeX Hack: 4.3M$ Loss and IOTX Price Drop

IoTeX announced on its X account that the situation is under control and the losses are lower than rumored. The team is working with major exchanges and security partners to track and freeze the funds. Specter shared transaction records including attacker addresses and quick token swaps via DEXes. The IoTeX team will work 24/7 to provide updates to the community.

• Stolen Assets: $4.3M USDC, USDT, IOTX, WBTC
• Conversion: Swapped to ETH, 45 ETH bridged to BTC
• Detection: Private key compromise

Why Did IOTX Drop？ Technical Analysis

After the incident, IOTX price dropped 6.26% in 24 hours (RSI: 29.66 – oversold). Trend is downward, Supertrend giving bear signal. EMA 20: $0.0058. Broader security concerns like Bitcoins post-quantum security discussions (7 years needed according to BIP-360) are affecting the market. IOTX futures increased volatility.

Critical Support and Resistance Levels for IOTX

• Supports: S1 $0.0046 (Strong, 72% score), S2 $0.0049 (Strong, 61% score)
• Resistances: R1 $0.0050 (Very Strong, 82% score), R2 $0.0053 (Strong, 73% score)

Frequently Asked Questions About IOTX

How much were the losses in the IoTeX hack？ Approximately $4.3 million, but the team states the losses are lower.

Will IOTX price recover？ RSI is oversold, strong supports at $0.0046-$0.0049 may offer opportunities.

What are the security measures？ Funds are being attempted to be frozen on exchanges, on-chain monitoring continues.

Market Analyst: Sarah Chen

Technical analysis and risk management specialist

This analysis is not investment advice. Do your own research.