PANews reported on February 21 that, according to a post on the X platform by PeckShieldAlert, IoTex has lost $8 million worth of cryptocurrency due to a suspected breach of its private key. The hackers have begun converting the stolen funds into ETH and then into BTC via Thorchain.

According to announcements from Bithumb and Upbit, both cryptocurrency exchanges have suspended deposits and withdrawals of IOTX tokens.