The IoT-focused public chain IoTeX suffered a professional hacker attack caused by a private key compromise of the ioTube bridge’s Ethereum-side validator owner. This allowed the attacker to gain administrative privileges and illicitly extract assets from the token safe. According to the official confirmation on February 24, the incident resulted in approximately $4.4 million in asset losses (including USDC, USDT, IOTX, and WBTC). The hacker converted most of the stolen funds into roughly 2,183 ETH and bridged them to the Bitcoin network via THORChain (with approximately 66.6 BTC currently tracked). The IoTeX team has implemented security enhancements and address blacklisting via the v2.3.4 mainnet upgrade. They have also issued an on-chain ultimatum: the attacker can receive a 10% white-hat bounty (approx. $440,000) and be exempted from legal liability if the funds are returned within 48 hours. A compensation plan for affected users is currently being finalized.