Initia Halts Network After Co-Founder Estimates $2.7 Million Exploit
Photo: TokenPost
Initia halted its layer-1 network and rollups Friday after co-founder Ezaan Mangalji said preliminary findings pointed to a bug that enabled unauthorized minting and the movement of about $2.7 million in assets. The halt took effect at 11:41:30 a.m. ET (3:41:30 p.m. UTC) Oct. 23. Initia said it was coordinating with security teams, validators and exchanges to assess the incident’s scope. Mangalji described the suspected flaw as a “Day 0” bug in MoveVM on Cosmos SDK. He estimated that about $2.7 million in AUSD, Ether (ETH) and USD Coin (USDC) was minted and bridged out before the halt.
Also reported by CoinTurk News.
Source: TokenPost
