Initia halts blockchain after exploit reportedly drains over $2.6M

The blockchain suspended its layer-1 network and rollups after security researchers identified unauthorized token minting and millions in assets transferred 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 it was working with security researchers, validators and exchanges to determine the full extent of the impact.