Initia suffered a security incident on October 23, when an attacker exploited a flaw in its token-minting mechanism to create 2 million AUSD tokens without authorization. The single-signed transaction consumed 135,888 gas and called the “Move” function directly, without a cross-chain bridge message. About 153 seconds later, the attacker withdrew 1.4 million AUSD through the Ethereum-side adapter, 105 ETH through the native-ETH adapter, and 1.08 million USDC using Circle’s Cross-Chain Transfer Protocol. The funds were then converted into Ethereum through decentralized trading services, including 1inch and 0x, bringing the total to 1,135.52 ETH, worth approximately $2.73 million, in a newly created wallet. Initia halted its Layer 1 blockchain and roll-ups, while the INIT token traded at $0.1484 after an 11.7% gain over 24 hours.
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