๐จ BREAKING: Initia ($INIT ) Halts Network After $2.6M Exploit Drains Funds
โ ๏ธ Initia, a Cosmos-based Layer-1 blockchain, halted its entire network and rollups on Oct 23 after an attacker exploited a bug to mint tokens with no backing.
๐ฐ The attacker minted ~2M unbacked AUSD tokens and cashed out roughly $2.6M, converting funds to ETH and USDC on Ethereum โ with more still being traced.
๐ $INIT briefly dropped to $0.115 before recovering above $0.15, as the team works with security researchers and exchanges to assess full damage.
๐ No restart date has been announced yet; Initia warns users to avoid unofficial sources during the investigation.
โ ๏ธ High risk event. Avoid unofficial links/airdrops during exploits. DYOR. Not financial advice.
#INIT #Initia #Binance #CryptoNews #Security
โ ๏ธ Initia, a Cosmos-based Layer-1 blockchain, halted its entire network and rollups on Oct 23 after an attacker exploited a bug to mint tokens with no backing.
๐ฐ The attacker minted ~2M unbacked AUSD tokens and cashed out roughly $2.6M, converting funds to ETH and USDC on Ethereum โ with more still being traced.
๐ $INIT briefly dropped to $0.115 before recovering above $0.15, as the team works with security researchers and exchanges to assess full damage.
๐ No restart date has been announced yet; Initia warns users to avoid unofficial sources during the investigation.
โ ๏ธ High risk event. Avoid unofficial links/airdrops during exploits. DYOR. Not financial advice.
#INIT #Initia #Binance #CryptoNews #Security
