  Magnetite (Fe$_{3}$O$_{4}$), an archetypal transition metal oxide, has been
used for thousands of years, from lodestones in primitive compasses[1] to a
candidate material for magnetoelectronic devices.[2] In 1939 Verwey[3] found
that bulk magnetite undergoes a transition at T$_{V}$ $\approx$ 120 K from a
high temperature "bad metal" conducting phase to a low-temperature insulating
phase. He suggested[4] that high temperature conduction is via the fluctuating
and correlated valences of the octahedral iron atoms, and that the transition
is the onset of charge ordering upon cooling. The Verwey transition mechanism
and the question of charge ordering remain highly controversial.[5-11] Here we
show that magnetite nanocrystals and single-crystal thin films exhibit an
electrically driven phase transition below the Verwey temperature. The
signature of this transition is the onset of sharp conductance switching in
high electric fields, hysteretic in voltage. We demonstrate that this
transition is not due to local heating, but instead is due to the breakdown of
the correlated insulating state when driven out of equilibrium by electrical
bias. We anticipate that further studies of this newly observed transition and
its low-temperature conducting phase will shed light on how charge ordering and
vibrational degrees of freedom determine the ground state of this important
compound.
