initia

The more you dig into the Initia incident, the crazier it gets: the hacker minted the tokens in just 7 minutes, but the chain wasn’t halted until 42 minutes later—and by then, the funds had already been bridged out.

As of today, October 24, the chain still hasn’t restarted, there’s still no official postmortem, and assets on the bridge remain stuck. The team has only said one thing: the vulnerability wasn’t in native INIT itself; the tokens minted were cross-chain AUSD, ETH, and USDC.

Yesterday’s exploit alone amounted to $2.7 million. Upbit, Bithumb, and Coinone immediately suspended INIT deposits and withdrawals.

Bottom line: halting the chain protects the money that’s left, not the money that’s already gone. Don’t leave much money on bridges for young blockchains.
#Initia #Hacker

A turbulent time for public blockchains: L2 chains are shutting down one after another, while L1 chains are being hacked frequently.

Another L1 chain, @initia, was just attacked by hackers and has halted block production.

The hackers exploited a bug related to MoveVM on Initia L1 to mint tokens without limit, then drained the liquidity of real reserves on the Ethereum side through a cross-chain bridge.

So far, the hackers have drained $2.6 million in liquidity from assets bridged to and from Initia.

Initia has a total TVL of just $5.8 million across its entire chain, meaning the hackers have indirectly drained nearly half of the chain's liquidity.

#Initia $INIT

Not a single line of code in the cross-chain bridge was compromised, yet real money still got out.

On October 23, Initia co-founder Zon confirmed that a Day 0 vulnerability in MoveVM (built on the Cosmos SDK) let an attacker mint AUSD, ETH, and USDC out of thin air on Initia L1, then bridge them to Ethereum via LayerZero, making off with about $2.7 million. Within minutes of researcher Spreek’s public warning, the L1 and all rollups were urgently halted. Native INIT was unaffected, while Upbit and Bithumb suspended INIT deposits.

From an engineer’s perspective:
· The bridge checks that “the message really came from that chain”; if the signature checks out, it releases the funds.
· The bridge doesn’t check—and can’t check—whether the balance on the source chain was minted out of thin air.
· So the security ceiling for cross-chain assets is set by the weaker of the two chains.

Three tips for retail users:
1) Don’t treat bridged stablecoins on small chains as equivalent to the same-named coins on the main chain.
2) Keep large amounts on their native chain; bridge assets to use them, not to store them.
3) During an outage, trust only official channels. Treat any “compensation registration” or “asset migration” links as phishing.

Being able to shut down the entire chain with one click saved the day this time, but it also shows that this chain’s “decentralization” has a master switch. My attitude toward that switch is like my attitude toward a pretty girl: I’m grateful when it comes in handy, but I won’t pretend it doesn’t exist 😏

#链上安全 #跨链桥 #Initia

The Initia network is currently paused.

A serious issue was detected in its layer 1 and its rollups.

It turns out someone found a way to mint tokens without permission.

The result was a drain of more than $2.6 million to Ethereum.

The network was halted to stop unauthorized transfers.

It's a quick reminder of how fragile new code can be.

What do you think about these kinds of failures in such young networks?

$BTC #Initia #Security

🚨 Another chain has been breached: Initia urgently halted the chain overnight after stablecoins minted out of thin air were swapped for $2.6 million!

📌 What happened (Source: Cointelegraph)
• Friday at 15:41 UTC, Initia announced a pause to its L1 and Rollup
• Security researcher Spreek was first to discover that the attacker had minted tokens without authorization
• D2 Finance said a vulnerability in a Move function allowed 2 million AUSD to be minted out of thin air without sufficient collateral
• Bridged to Ethereum: around 1.4 million AUSD + 105 ETH + 1.08 million USDC
• Funds were consolidated in one wallet, totaling around 1,135.5 $ETH (about $2.73 million)

🧐 My take
1️⃣ The vulnerability was at the contract level, not a leaked private key—“uncollateralized minting” is one of the most dangerous types
2️⃣ Halting the chain can stop the bleeding, but funds that have already been bridged to Ethereum are hard to recover
3️⃣ INIT briefly fell to 0.115, then rebounded to around 0.15 (CoinGecko), suggesting the market cares more about the chain being halted to limit losses
4️⃣ With the Bitget hack and Initia incidents happening one after another this week, security events weigh even more on sentiment in a weak market ($BTC is still fluctuating around 80,000)

⚠️ Stay safe: Don’t put too much into cross-chain bridges for small-cap coins or assets on new chains; revoke permissions when you’re done using them.

What do you think about vulnerabilities in new chains like this—should we wait for the official post-mortem before getting involved, or buy the dip if an opportunity appears? Let’s discuss in the comments 👇

#链上安全 #Initia #CryptoMarket
Personal opinion only; not investment advice

⚠️ URGENT: Initia Chain HALTED

Initia L1 + Rollups suspended due to security incident.

Team investigating with validators & exchanges.

🚫 DO NOT use unofficial links/DMs
✅ Only follow @Initia official

Stay safe! Check your exposure.

#Initia #SecurityAlert #crptonews

🚨 Imagine an entire bank shutting its doors because someone discovered a vulnerability in its system!

That’s almost what happened with the Initia network!

💥 The network was hacked in an attack targeting the MoveVM smart contract execution environment, with reports of losses estimated at around $2.7 million.

But the surprise isn’t just the amount stolen...

The network was forced to halt operations!

And that raises an important question:

If blockchains are designed to operate continuously, how can an entire network be stopped?

The answer is that some networks have emergency mechanisms that allow validators to coordinate and halt block production when a serious threat is detected.

🛡️ This presents us with an intriguing dilemma:

Is it better for the network to keep running no matter what, or to pause temporarily to prevent greater losses?

Decentralization isn’t just about distributing power. It also means considering who has the authority to stop the network, when they can do so, and under what circumstances.

🎯 In your opinion, does halting a blockchain after a hack demonstrate the strength of its security system, or is it a weakness in decentralization?

#Initia #INIT #CryptoSecurity #Blockchain

Initia’s sharp drop this time wasn’t a routine correction. It was a shock to confidence triggered by the exploitation of a MoveVM script cache vulnerability. The attacker minted approximately $2.7 million in stablecoins out of thin air and cashed out across chains. The L1 and Rollup halted operations, while several exchanges suspended deposits and withdrawals and issued risk warnings.

For $INIT , short-term pressure mainly comes from three factors: on-chain activity grinding to a halt, doubts about the security of cross-chain assets, and potential panic selling once services resume. The current price is approximately $0.13246, with 24-hour trading volume of around $6.58 million and a market cap of about $27.92 million. Its small market cap and low liquidity could further amplify volatility.

Going forward, it’s more important to watch the progress of the vulnerability fix, official compensation and security audits, and when cross-chain bridges and exchanges resume deposits and withdrawals—not to judge that it’s “cheap” based solely on the size of the drop. Halting the chain in time is risk management; safely restarting and rebuilding trust is the real test.

#Initia #安全事件 #PublicBlockchain

$INIT This sharp drop was not an ordinary market correction; it was a direct security incident affecting the chain’s operations. After the MoveVM script cache vulnerability was exploited, attackers minted approximately $2.7 million in stablecoins out of thin air and transferred them across chains. The L1 and Rollup were forced to halt, while exchanges in multiple regions also suspended deposits and withdrawals and issued risk alerts.

In the short term, the most important thing is not to guess when a rebound will happen, but to confirm that the vulnerability has been patched, blocks have resumed, the stolen funds have been handled, and deposits and withdrawals are restarting. Until the incident is fully clarified, liquidity discounts and panic selling may persist. How the project compensates affected users, whether it tracks the relevant addresses, and whether follow-up audits address the gaps will determine how quickly confidence recovers.

The current price is approximately 0.13246 USDT, with 24-hour trading volume of approximately 6.58 million USDT and a market cap of approximately 27.92 million USDT. When the data is weak, it is especially important to manage position sizes and wait for on-chain operations to resume and for a complete official report. Do not mistake the information vacuum after a chain halt for a buying opportunity.

#INIT #Initia #SecurityIncident

Initia is experiencing a classic “security incident + liquidity run.”

At the heart of the issue is an exploit of a MoveVM script caching vulnerability: attackers minted around $2.7 million in stablecoins out of thin air and cashed out across chains, ultimately forcing the L1 and Rollup to pause operations. Exchanges in several countries subsequently issued risk alerts and suspended related deposits and withdrawals, causing market confidence to deteriorate rapidly.

$INIT is currently trading at around $0.1325, with 24-hour trading volume of about $6.58 million and a market cap of only around $27.92 million. For an asset of this size, selling pressure from a security incident is often amplified, while pausing on-chain activity can prevent panic from being quickly resolved.

The key questions now go beyond fixing the vulnerability: how will affected assets be verified, can cross-chain transfers be replayed, and will the team provide a clear recovery and compensation plan? Until deposits and withdrawals resume, block production stabilizes, and the results of an independent audit are available, any rebound should not be mistaken for a reversal.

#Initia #公链安全 #INIT

Initia disclosed details of the attack: At 22:59 on October 23, the attacker exploited a MoveVM script cache vulnerability to bypass security checks and forge state, crediting themselves with WETH, iUSD, and USDC that had no actual backing. The total supply of these tokens did not change, and no additional INIT was minted.

Before the network was paused, the attacker had transferred out approximately $2.7 million in assets: 105 WETH and approximately 1.4 million AUSD0 via LayerZero, and approximately 1.08 million USDC via Noble and CCTP. They then exchanged these assets for 1,135.52 $ETH , which is currently held at address 0x358ef0130f7a5aa516dcd81bdc80b18cde41cac8.

The L1 and Rollup remain paused. The team says the fix is expected to be completed and audited within days. Efforts to recover the assets are underway, and a full postmortem will be published later. This incident once again shows how cache validation flaws, combined with cross-chain exit routes, can significantly accelerate the outflow of funds.

#Initia #Web3 Security

For $INIT , the crux of this incident is not any single candlestick, but the simultaneous blow to trust in asset issuance and cross-chain exits after the MoveVM script cache vulnerability was exploited. The hacker minted about $2.7 million in stablecoins out of thin air and cashed out across chains. L1 and Rollup operations were then suspended, and several exchanges flagged the risk and halted deposits and withdrawals. These developments warrant closer monitoring than a single day’s price drop.

The current price is around $0.1325, with 24-hour trading volume of about $6.58 million and a market cap of roughly $27.92 million. The key factors in judging whether panic is easing are the progress of service restoration, recovery of funds, audit findings, and when exchanges resume operations. The vulnerability can be fixed, but user confidence and liquidity usually take longer to recover, so don’t rush to catch a falling knife just because the price is low.#Initia #BlockchainSecurity

Security incidents are often more devastating than ordinary market fluctuations. Initia was attacked through a MoveVM script cache vulnerability, allowing the attacker to mint approximately $2.7 million worth of stablecoins out of thin air and cash out across chains. This forced the L1 and Rollup to suspend operations, while exchanges in several regions issued risk warnings and suspended deposits and withdrawals.

For $INIT , this is about more than short-term selling pressure—it also concerns technical trust, cross-chain security, and the project team's ability to respond to emergencies. The current price is around $0.132, but calling a bottom may be premature until the full official investigation report, fund verification, and recovery plan are available.

Token holders should pay close attention to the vulnerability fix, on-chain recovery progress, and exchange announcements. Those who have not entered should assess the security risks first rather than focusing only on the size of the decline.

#Initia #安全事件 #PublicChain

The attacker swapped about $2.7 million for 1135.52 units of $ETH and deposited them into an Ethereum address. Initia disclosed on October 24 that the attack at 22:59 Beijing time on October 23 exploited a MoveVM script cache vulnerability: it bypassed security checks, forged state, credited itself with unbacked $WETH and $USDC , then transferred the assets cross-chain.

The key issue wasn’t inflation. The total supply of the tokens involved didn’t change, and not a single extra INIT was created. The 105 WETH, about 1.4 million AUSD0, and about 1.08 million USDC that were transferred were all assets already on-chain—the ledger was fake, but the money was real.

The L1 and Rollup are still halted. The fix is said to be due within days and to undergo an audit; recovery efforts have only been described as underway. Two things to watch next: whether the audit is completed on time, and whether the 1135.52 ETH in that Ethereum address moves.

#Initia #Cross-chainSecurity

🚨 INITIA HALTED ITS CHAIN — AND THE REAL LOSS HAPPENED AT THE BRIDGES

A suspected MoveVM exploit allowed an attacker to create unbacked tokens on Initia
On-chain investigators traced roughly $2.7M in real assets leaving bridge reserves
Initia halted its L1 and connected rollups
But the biggest lesson isn't the amount stolen 👀
The attacker allegedly created tokens without backing, then used cross-chain infrastructure to redeem them for real assets
The bridges processed withdrawals against tokens that should never have existed

$INIT

⚠️ Here's the distinction
A bridge can execute exactly as designed and still release real collateral when another component violates its assumptions
Initia's co-founder says native INIT minting wasn't affected, but that doesn't establish the safety of every bridged asset
What matters now
• Verified reserve balances and affected assets
• A confirmed patch and safe restart
• Clear recovery plans for affected users
Until those answers arrive, I'd avoid bridging funds into Initia or trusting unofficial recovery links
A secure bridge is only as strong as the assets it's told to trust


$INIT #Initia

　　A cache vulnerability cost Initia approximately $2.7 million in just a few minutes. The attacker did not mint new INIT or alter the token’s total supply. Instead, they forged MoveVM state, crediting themselves with WETH, iUSD, and USDC that had no real backing—the balances appeared out of thin air, while real on-chain assets were transferred away.

　　The sequence is clear: at 22:59 on October 23 (UTC+8), the attacker exploited a MoveVM script cache vulnerability to bypass security checks. Before the network was paused, approximately 105 WETH and 1.4 million AUSD0 were transferred out via LayerZero, and about 1.08 million USDC via Noble and CCTP. The funds were then converted into 1,135.52 ETH, which is now sitting in an Ethereum address.

　　What makes this incident notable is that the total supply did not change and no INIT was minted, yet the stolen assets were very real. The L1 and Rollup remain paused, and the security fix is expected to be completed and audited within days. Work to recover the assets is also underway with security partners. For cross-chain bridges and the MoveVM ecosystem, once a cache-layer bypass like this has been demonstrated, the remediation details in the follow-up report may prove more useful than the dollar amount lost.$BTC #Initia #MoveVM

$ETH $USDC #Ethereum

Once a script cache is exploited, assets can be drained faster than an announcement can be issued.

Initia disclosed an attack exploiting a MoveVM script cache vulnerability: the attacker used it to transfer out approximately $2.7 million in assets, and the team says recovery efforts are ongoing. This kind of issue goes beyond a bug in the “business logic”; it concerns cache consistency at the execution layer. Once the same script path is compromised, on-chain checks may still make it “look legitimate.”

What to take away: This is a public lesson for Move-based chains and any execution environment that relies heavily on caching. After upgrades, first check whether cache invalidation policies, script-hash binding, and emergency pause switches can all take effect with a single action. Users should verify information through official channels and avoid phishing pages promising to “front-run recovery.”

#Initia #MoveVM #安全 #Onchain

　　A vulnerability in Initia’s MoveVM allowed attackers to forge state, enabling them to withdraw about $2.7 million.

　　The incident occurred on October 23 at 22:59 (UTC+8). According to Initia’s disclosure, the attackers exploited a MoveVM script cache vulnerability. After bypassing security checks, they forged MoveVM state and credited themselves with WETH, iUSD, and USDC that had no real backing. The key point is that this wasn’t a direct token mint: they made the state appear legitimate, bypassing the security checks.

　　About $2.7 million in on-chain funds was withdrawn, but Initia stressed that the total supply of the relevant tokens did not change, and $INIT was not newly issued either. In other words, the books were manipulated, but the total amount of tokens itself did not increase. For holders, clean supply figures don’t mean there were no losses; the actual flow of the stolen funds and how they are handled next are what to watch.

　　MoveVM has long touted type safety and its resource model. This issue arose in the script cache, an implementation detail of the execution layer. As more cross-chain and modular projects choose MoveVM as an execution environment, a gap in cache-layer validation can let forged state bypass checks that should have been enforced. Teams in the Move ecosystem should take note and review their own systems for similar issues.

$USDC #Initia #MoveVM #SecurityIncident

【The chain was down for 17 hours, but INIT rose】
Initia’s mainnet has been halted since the hack, yet INIT is one of the few Binance spot tokens in the green today.

Everyone thought: the chain was hacked and the entire network paused, so the price should keep sliding.
What actually happened: last night, the 1-hour candle plunged to 0.1134 at 23:00, then bounced back to 0.1554 the following hour. Binance spot quoted INIT at 0.1438 at 16:59, up 6.17% over 24 hours.

The market is buying one statement: a co-founder said the vulnerability was in MoveVM, and assets such as AUSD were minted out of thin air. Native INIT was not affected, and losses are estimated at around $2.7 million.

But the risk hasn’t gone away. There’s still no restart timeline for the mainnet or Rollup. Upbit and KuCoin have suspended INIT deposits and withdrawals, and neither the final losses nor the compensation plan has been announced.

My take: this is a sentiment-driven rebound on the news being out, not a fundamental recovery. I’m watching, not chasing.
If a restart announcement comes through and the price holds above 0.1554, the market can consider the incident behind it. If the postmortem shows losses have grown and the price falls back below the pre-incident level of 0.135, this rebound will have been a false signal.

The chain can be down for a day and still rise—do you think you caught the bottom, or caught a falling knife?

Sources: The Block, Cointelegraph
#Initia #Hacker

📈 Top three contract gainers (17:10): $BIRB +171.45%｜$IRYS +127.83%｜$ORDER +113.02%
#BinanceSquare

⚠️ The above is a summary of information and personal opinion, and does not constitute investment advice. DYOR.

KuCoin announced at 11:40 Istanbul time that deposits and withdrawals $INIT were temporarily suspended due to “necessary maintenance,” without giving a service restoration time or saying whether it would issue a separate update when service resumes. Would you like quick alerts about transfer outages? ⏸️📲🔔 #Initia #Crypto