Initia Suspends Blockchain After Reported $2.6M+ Exploit Drain

Initia has paused operations of its layer-1 network and rollups after security researchers reported an exploit that allegedly enabled unauthorized token minting and the drainage of crypto funds. The halt was initiated at 3:41 p.m. UTC on Friday, according to a post from Initia on X, as the team coordinated with validators, exchanges, and external researchers to assess the damage. While Initia has not yet provided a full account of the incident, reports from blockchain analysts and DeFi participants suggest the attacker minted unbacked tokens, converted them across chains, and consolidated proceeds on Ethereum .

Source: Crypto Breaking News