After 10 days completely offline, one layer-1 network finally came back to life today — but the doors haven’t fully reopened yet.
Facts: Initia announced that its L1 and rollups are back online and operating normally as of Monday, Nov 2 (project announcement, reported by TokenPost and KuCoin on Nov 2). The restart follows the Oct 23 incident: a script-caching bug in MoveVM was exploited to mint assets, with around $2.6 million successfully bridged out. An independently audited MoveVM patch was deployed, the attacker’s fake balances were isolated, and transaction history was not rolled back. The backing for AUSD0, USDC.n, and WETH was declared fully restored.
Status: CONFIRMED — official project announcement. But things aren’t fully back to normal yet: bridge transfers and exchanges are only coming back online today, WETH and AUSD0 withdrawals require a 24-hour process, and Noble USDC withdrawals are subject to hourly limits. A full post-mortem is promised this week.
What I’m watching: whether bridge transfers reopen without further incidents, and what the post-mortem says.
⚠️ Be careful: the project itself has warned users to watch out for unofficial links and messages about this restart — verify information through the project’s official accounts, not links in comments or DMs.
What do you think: is a phased restart with withdrawal limits enough to restore confidence, or is it a sign that the risks aren’t behind us yet?
This is my analysis, not financial advice — always DYOR.
#Initia #Layer1 $INIT
Facts: Initia announced that its L1 and rollups are back online and operating normally as of Monday, Nov 2 (project announcement, reported by TokenPost and KuCoin on Nov 2). The restart follows the Oct 23 incident: a script-caching bug in MoveVM was exploited to mint assets, with around $2.6 million successfully bridged out. An independently audited MoveVM patch was deployed, the attacker’s fake balances were isolated, and transaction history was not rolled back. The backing for AUSD0, USDC.n, and WETH was declared fully restored.
Status: CONFIRMED — official project announcement. But things aren’t fully back to normal yet: bridge transfers and exchanges are only coming back online today, WETH and AUSD0 withdrawals require a 24-hour process, and Noble USDC withdrawals are subject to hourly limits. A full post-mortem is promised this week.
What I’m watching: whether bridge transfers reopen without further incidents, and what the post-mortem says.
⚠️ Be careful: the project itself has warned users to watch out for unofficial links and messages about this restart — verify information through the project’s official accounts, not links in comments or DMs.
What do you think: is a phased restart with withdrawal limits enough to restore confidence, or is it a sign that the risks aren’t behind us yet?
This is my analysis, not financial advice — always DYOR.
#Initia #Layer1 $INIT