Initia pauses its network after an exploit; $2.7M moved out
The attacker used a software flaw to create unbacked balances. Initia says the native INIT supply was not affected and a fix will take several days.
SECURITY & HACKSDEFI
CoinShark Newsroom
10/24/20261 min read
Initia said an attacker exploited a software flaw on Friday that let them bypass security checks and create unbacked asset balances. The native INIT token supply was not changed.
About $2.7 million in assets left the network before it was shut down. The funds were converted into 1,135.52 ETH. Initia's main blockchain and its rollups remain paused while the team works on recovery.
The project estimates that finishing and auditing a fix will take several days. Users should follow Initia's official channels for updates and avoid links shared by unofficial accounts.
Source: The Crypto Basic, Initia statement.