Initia Has No Restart Date After Attacker Mints Tokens and Bridges Out $2.7 Million
By Unchained
AI summary of the source article
Initia halted its layer 1 and rollups after an attacker exploited a Day 0 software bug to mint and bridge out approximately $2.7 million in assets. The platform had not announced a restart date as of Friday evening.
Key facts
- Initia's layer 1 and rollups were taken offline at 11:41 a.m. ET on Friday following a security incident.
- Co-founder Zon attributed the exploit to a Day 0 bug in Initia's MoveVM on CosmosSDK that allowed unbacked token minting.
- The attacker bridged approximately $2.7 million worth of AUSD, ETH, and USDC to Ethereum before the chain was halted.
Source excerpt · Unchained
Co-founder Zon's preliminary read points to a MoveVM flaw, while D2 Finance traced the payouts to LayerZero adapters on Ethereum. The post Initia Has No Restart Date After Attacker Mints Tokens and Bridges Out $2.7 Million appeared first on Unchained .