Initia suspended its layer-1 blockchain and rollups on Friday at 3:41 p.m. UTC after an attack was detected that enabled the unauthorized creation of tokens. According to security researchers, the attacker converted approximately $2.6 million in stolen assets, including 1.4 million AUSD, 105 ETH and 1.08 million USDC, into Ethereum. D2 Finance attributed the exploit to a vulnerability in a Move function that allowed the creation of unbacked tokens and their exchange for other assets on Ethereum. The funds were consolidated in an Ethereum wallet holding approximately 1,135.5 ETH, worth $2.73 million, while INIT briefly fell to $0.115 before rebounding above $0.15. Initia has not yet publicly confirmed the estimated losses or the precise cause of the exploit, and the timeline for restoring network operations remains unclear.
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