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IoTeX

avoid.net/iotex→38/100·72% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:defillama]

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anchored·5cvHsB…tDdi

Summary

IoTeX is a Layer 1 blockchain and DePIN (Decentralized Physical Infrastructure Network) platform founded in 2017 by Raullen Chai, Qevan Guo, Jing Sun, and Xinxin Fan, with its native IOTX token launched via ICO in 2018. In February 2026 the project suffered a significant security incident when a compromised private key on the Ethereum side of its ioTube cross-chain bridge allowed an attacker to drain approximately $4.3–$4.4 million in assets and mint 410 million unauthorized CIOTX tokens, with total estimated damages disputed between $4.4 million (official) and $8.8 million (PeckShield). Additional concerns include a prior market-maker-linked near-zero price anomaly on Binance in October 2025, governance centralization risks from its 36-delegate Roll-DPoS consensus model, and on-chain analyst reports alleging the attacker's wallet was funded by the same entity behind the $49 million Infini Finance hack of 2025.

Connected Entities

9 entities · 60 linked investigations
Organizations
□Polygon54□Ethereum□THORChain□IoTeX□Binance□Solana
Protocols
⌂Uniswap⌂Infini
Tokens
♦Bitcoin
Relationships
  • Ethereum→mentioned with→Bitcoin(60%)
  • Binance→mentioned with→Ethereum(65%)
  • IoTeX→mentioned with→Infini(80%)
  • IoTeX→mentioned with→Bitcoin(60%)
  • IoTeX→mentioned with→Binance(70%)
  • IoTeX→mentioned with→THORChain(60%)
  • THORChain→mentioned with→Ethereum(70%)
  • IoTeX→mentioned with→Polygon(60%)
  • THORChain→mentioned with→Binance(65%)
  • THORChain→mentioned with→Bitcoin(60%)
  • + 11 more
Also appears in
Polygon·54StableMagnet·2Shibarium·28JUDAO·18Shibarium Bridge·32Andean Medjedovic·2Ionic Money·14Allo Protocol·57AnubisDAO·2SushiSwap RouteProcessor Exploit·54+ 50 more

Connected Through

9 shared actors · 565 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about IoTeX?

Timeline(15 events)

2017

IoTeX founded by Raullen Chai, Qevan Guo, Jing Sun, and Xinxin Fan with a focus on IoT blockchain infrastructure.

25 May 2018

IoTeX Token Generation Event (TGE) concludes; project raises approximately $70.52 million across five funding rounds.

February 2025

Infini Finance suffers $49 million exploit; on-chain analysts later allege the IoTeX attacker's funding wallet traces back to this incident.

29 September 2025

SEC Division of Corporation Finance issues no-action letter for DoubleZero's 2Z DePIN token, which IoTeX cites as validating its DePIN infrastructure strategy.

10 October 2025

IOTX displays near-zero '0.0000' price on Binance; subsequently attributed to a UI display bug and third-party market maker malfunction. IoTeX announces token buyback program.

20 February 2026

IoTeX ioTube bridge exploit begins: a compromised validator owner private key on Ethereum grants attacker administrative control over bridge contracts.

21 February 2026

On-chain analyst Specter publicly flags the IoTeX private key compromise at approximately 4:20 a.m. EST. Approximately $4.3 million in tokens drained from TokenSafe; up to 410 million CIOTX tokens minted without authorization. IOTX price falls ~22%.

21 February 2026

IoTeX validators coordinate to pause ioTube bridge; IoTeX halts its Layer 1 chain to freeze attacker addresses.

22 February 2026

IoTeX co-founder Raullen Chai publicly confirms the exploit, stating officially acknowledged losses of approximately $2 million (later revised to $4.4 million). A 10% white-hat bounty (~$440,000) offered for return of funds within 48 hours.

22 February 2026

Upbit, Bithumb, and Coinone suspend IOTX deposits and withdrawals; place token on investor protection watchlists.

23 February 2026

PeckShield estimates total damages above $8 million including value of minted tokens. IoTeX disputes figure, citing $4.4 million as confirmed loss.

March 2026

IoTeX publishes IIP-56 proposing full deprecation of CIOTX across all networks and a claims-based 1:1 redemption process for affected holders.

12 March 2026

IIP-56 governance proposal vote concludes.

15 March 2026

Upbit and Bithumb remove IOTX from investor protection watchlists following IoTeX security remediation and audit completion.

20 March 2026

Binance reopens IOTX trading; token briefly recovers approximately 29%.

Provenance & Audit Trail
Anchored on SolanaVerify on-chain20 Wayback Archivessrc:defillama

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (1 event). 20 of 23 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet-4-6

generated: 5/4/2026, 2:54:13 AM

last updated: 8/30/2026, 8:07:20 PM

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