⛓️ INITIA HALTS L1 NETWORK AFTER UNAUTHORIZED TRANSFER OF 605,000 USDC
🔒 Unauthorized transfer from an escrow account
Initia halted its L1 network after detecting an unauthorized transfer from an escrow account holding assets bridged to rollups. The attacker used a stolen rollup infrastructure key to forge an IBC transfer.
💸 More than $615,000 flowed out before the network halted
About 605,000 USDC, along with roughly $10,000 in other tokens, flowed out before the network halted. Most of the remaining assets in the escrow account are still on L1. This is the second network halt in about three weeks, following a $2.7 million exploit. INIT is trading around 0.22 USDT, up 70.8% in 24 hours, with a trading volume of about 461.6 million USDT.
🌤️ The second network halt in about three weeks shows that Initia remains unstable, and assets on the network can only move once the network is back online.
$INIT
🔒 Unauthorized transfer from an escrow account
Initia halted its L1 network after detecting an unauthorized transfer from an escrow account holding assets bridged to rollups. The attacker used a stolen rollup infrastructure key to forge an IBC transfer.
💸 More than $615,000 flowed out before the network halted
About 605,000 USDC, along with roughly $10,000 in other tokens, flowed out before the network halted. Most of the remaining assets in the escrow account are still on L1. This is the second network halt in about three weeks, following a $2.7 million exploit. INIT is trading around 0.22 USDT, up 70.8% in 24 hours, with a trading volume of about 461.6 million USDT.
🌤️ The second network halt in about three weeks shows that Initia remains unstable, and assets on the network can only move once the network is back online.
$INIT
