The cryptocurrency project IoTeX has reported a major security incident, resulting in a loss of approximately $4.3 million. The breach involved the theft of various assets, including USDC, USDT, IOTX, and WBTC, which were subsequently converted to ETH and bridged to BTC.
This incident has had a direct impact on the market, leading to a notable decline in the price of IOTX. The token dropped by 6.26%, with the Relative Strength Index (RSI) indicating an oversold condition at 29.66. This suggests that the asset may be undervalued at its current price level.
The team at IoTeX is actively monitoring the situation and is working to track the stolen funds. Analysts have identified support levels between $0.0046 and $0.0049 for IOTX, which could offer a foundation for recovery as the project navigates this crisis.
Updates regarding the situation are expected soon as the team continues its investigation and attempts to mitigate the fallout from this breach. The incident serves as a stark reminder of the ongoing security challenges facing the cryptocurrency sector.
