$INIT announced at around 1 p.m. Beijing time today that its mainnet and all Rollups are back online. The chain had been halted for nearly ten days after being hacked last month.
Initia is a modular blockchain centered on a “mainnet plus a bunch of dedicated Rollups.” Its mainnet runs MoveVM, and its native token is INIT.
The halt was caused by a MoveVM vulnerability. The attacker forged balances and bridged a batch of WETH and stablecoins to other chains. The team confirmed at the time that no native INIT had been minted.
Last week, they laid out a restart plan: upgrade to a MoveVM patch that had undergone an independent audit, quarantine the attacker’s remaining forged balances, and add extra security measures—without rolling back transactions.
Not rolling back is significant: it means all on-chain transaction records from before the halt are preserved, so there’s no need to start over.
Initia said that all affected stablecoins and WETH have been replenished with help from the foundation. Cross-chain bridges and exchanges are expected to resume transfers later today. WETH withdrawals will take additional time to process, while Noble USDC withdrawals will be subject to hourly limits.
The team says it will publish a full postmortem this week.
Initia is a modular blockchain centered on a “mainnet plus a bunch of dedicated Rollups.” Its mainnet runs MoveVM, and its native token is INIT.
The halt was caused by a MoveVM vulnerability. The attacker forged balances and bridged a batch of WETH and stablecoins to other chains. The team confirmed at the time that no native INIT had been minted.
Last week, they laid out a restart plan: upgrade to a MoveVM patch that had undergone an independent audit, quarantine the attacker’s remaining forged balances, and add extra security measures—without rolling back transactions.
Not rolling back is significant: it means all on-chain transaction records from before the halt are preserved, so there’s no need to start over.
Initia said that all affected stablecoins and WETH have been replenished with help from the foundation. Cross-chain bridges and exchanges are expected to resume transfers later today. WETH withdrawals will take additional time to process, while Noble USDC withdrawals will be subject to hourly limits.
The team says it will publish a full postmortem this week.