Initia Exploit Sends AUSD, USDC and Ether to Ethereum in 7 Minutes, 21 Seconds

Assets reached Ethereum within seven minutes and 21 seconds of an Initia mint, adding detail to the exploit that halted Initia's layer 1 and rollups Friday, Oct. 23. A 10:59 a.m. ET transaction created two million tokens labeled AUSD on Initia. After those tokens were burned, separate LayerZero adapters on Ethereum released 1.4 million AUSD, or 71% of the AUSD adapter's balance, and 105 Ether (ETH), or 96% of the native-ETH adapter's balance. The adapters hold assets backing bridged tokens. Agora, which issues AUSD, said the stablecoin is fully backed and that it has no smart contracts deployed on Initia.