Initia halts blockchain after exploit reportedly drains over $2.6M
The blockchain suspended its layer-1 network and rollups after security researchers identified unauthorized token minting and millions in assets transferred to Ethereum.
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. UTC on Friday following a security incident, Initia said in a post on X. The team said it was working with security researchers, validators and exchanges to determine the full extent of the impact.
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.
