The chain stopped, the token rose
The world is getting more and more surreal
At 11:41 a.m. ET on October 23
Initia pulled the plug
The Layer 1 and all its rollups went down
Blocks froze at 23365925
The culprit was a “Day 0” vulnerability in MoveVM
A hacker minted about $2.7 million worth of tokens out of thin air
AUSD, ETH, and USDC
It took just 7 minutes to move them out via the LayerZero bridge
1.4 million AUSD was dumped on 1inch in 84 seconds
42 minutes passed between the hack
and the chain grinding to a halt
The money was already gone
The most surreal part? The native $INIT was fine
Even with the chain down
It actually rose 12.5% in 24 hours
And was up 65.8% over the past 30 days
Agora, behind AUSD, also issued a statement
Its contracts weren’t deployed on Initia at all
Reserves are fully backed, operations are normal
The hacker’s address has been frozen
But there’s no restart timeline yet
The final losses are still unknown
And there’s no post-mortem report in sight
While the chain was down
No one could actually move assets on-chain
Transfers were frozen, and so were bridges
The chain stopped, but the token kept rising
How much would you trust a rebound like this?
Personal opinion only; not investment advice
#Initia被黑 $INIT
The world is getting more and more surreal
At 11:41 a.m. ET on October 23
Initia pulled the plug
The Layer 1 and all its rollups went down
Blocks froze at 23365925
The culprit was a “Day 0” vulnerability in MoveVM
A hacker minted about $2.7 million worth of tokens out of thin air
AUSD, ETH, and USDC
It took just 7 minutes to move them out via the LayerZero bridge
1.4 million AUSD was dumped on 1inch in 84 seconds
42 minutes passed between the hack
and the chain grinding to a halt
The money was already gone
The most surreal part? The native $INIT was fine
Even with the chain down
It actually rose 12.5% in 24 hours
And was up 65.8% over the past 30 days
Agora, behind AUSD, also issued a statement
Its contracts weren’t deployed on Initia at all
Reserves are fully backed, operations are normal
The hacker’s address has been frozen
But there’s no restart timeline yet
The final losses are still unknown
And there’s no post-mortem report in sight
While the chain was down
No one could actually move assets on-chain
Transfers were frozen, and so were bridges
The chain stopped, but the token kept rising
How much would you trust a rebound like this?
Personal opinion only; not investment advice
#Initia被黑 $INIT