Ethereum · Cointelegraph
Initia pauses blockchain after exploit reportedly drains over $2.6 million
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
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The blockchain suspended its layer-1 network and rollups after security researchers identified unauthorized token minting and millions in assets transferred to Ethereum.
Key facts
- Its native token, INIT, briefly fell to around $0.115 on Friday before rebounding above $0.15, according to CoinGecko data
- The stolen assets were subsequently consolidated into an Ethereum wallet holding approximately 1,135.5 ETH, worth $2.73 million, according to D2 Finance
- Initia halted its layer-1 blockchain and rollups after blockchain sleuths reported an exploit that allowed an attacker to mint tokens without authorization and drain more than $2.6 million in crypto
- DeFi platform D2 Finance later reported that the attacker exploited a vulnerability to mint 2 million AUSD tokens without sufficient backing
Summary
Initia halted its layer-1 blockchain and rollups after blockchain sleuths reported an exploit that allowed an attacker to mint tokens without authorization and drain more than $2.6 million in crypto assets. The network was halted at 3:41 p.m. Blockchain security researcher Spreek first flagged the exploit on Friday, reporting that an attacker had minted tokens without authorization and converted approximately $2.6 million into other assets, with additional funds still being moved. DeFi platform D2 Finance later reported that the attacker exploited a vulnerability to mint 2 million AUSD tokens without sufficient backing.