IoTeX confirms token safe incident, says situation ‘under control’

IoTeX’s $IOTX coin dropped almost 10% after suspicious activity was detected in one of its token safes, CoinGecko data shows.

The team behind the blockchain platform built for Internet of Things (IoT) applications stated that the incident is under investigation and reassured users that the impact is far less severe than rumors have suggested.

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 breach was first reported by Specter, an on-chain monitoring account known for tracking blockchain irregularities in real time.

According to the investigator, an apparent compromise of IoTeX’s private key allowed the attacker to empty its token safe. A range of assets, including USDC, USDT, $IOTX, PAYG, WBTC, and BUSD, were extracted, converted into $ETH, and partially bridged to Bitcoin, with 45 $ETH moved across chains.

According to the investigator’s early assessment, the losses have reached approximately $8.8 million so far.

Another 9.3M CCS drained worth $4.5M

0xE6A191a894dD3c85e3c89926e9f476F818eE55d9

Total loss: 8.8M pic.twitter.com/aPFDEo6Oha

— Specter (@SpecterAnalyst) February 21, 2026

IoTeX said it has engaged major exchanges and security partners to help track and immobilize the hacker’s holdings.