Initia Halts Blockchain and Rollups After Reported $2.6M Exploit
Blockchain researchers said an attacker minted 2 million AUSD and moved about $2.73 million in crypto before Initia paused operations.
- On October 23, 2026, at 3:41:30 UTC, Initia halted its layer-1 Blockchain and Rollups following a security incident involving unauthorized token minting.
- Security researcher Spreek flagged the exploit, which a DeFi platform analysis attributed to a Move function vulnerability that permitted creation of 2 million unbacked AUSD tokens.
- Cross-Chain transfers moved 1.4 million AUSD, 105 ETH, and 1.08 million USDC to Ethereum, though Agora disputes its stablecoin was involved in the unauthorized minting.
- Initia coordinates with validators, security teams, and exchanges to determine the impact, as the network remains suspended with no clear schedule for restarting.
- Native token INIT briefly fell to around $0.115 on October 23, 2026, before rebounding above $0.15, according to CoinGecko data.
24 Articles
24 Articles
Initia halts blockchain and rollups after reported $2.6M exploit
Initia has halted its layer-1 blockchain and rollups after security researcher Spreek reported unauthorized token minting and approximately $2.6 million cashed out by an attacker. Initia confirmed in its Oct. 23 statement that the suspension took effect at 3:41:30 p.m.…
Reports of Hackers Minting Tokens, Moving Millions 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 […]
The blockchain of Initia is standing. On October 23, 2026 at 15:41:30 UTC, the project stopped its layer-1 blockchain and the roll-ups on it after an attacker was able to create tokens without a ceiling over a gap in the minting mechanism. According to co-founder Ezaan Mangalji, the attacker moved values of around 2.7 million US dollars into the stablecoins AUSD and USDC as well as in Ether before the blockchain was stopped. For you as an invest…
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