Initia Halts Blockchain After $615K Leaves Bridged Asset Escrows
🔒 Initia has paused its layer 1 blockchain after detecting unauthorized transfers of approximately $615,000 from escrow accounts linked to its rollups, raising security concerns.
🔑 The unauthorized transactions were traced back to compromised rollup infrastructure keys, allowing an attacker to fabricate transfers and steal assets before the network was halted.
📉 Despite the incident, Initia's native INIT token saw a significant price increase, rising nearly 60% in 24 hours and over 71% in the past week, although it remains significantly below its all-time high.
🔒 Initia has paused its layer 1 blockchain after detecting unauthorized transfers of approximately $615,000 from escrow accounts linked to its rollups, raising security concerns.
🔑 The unauthorized transactions were traced back to compromised rollup infrastructure keys, allowing an attacker to fabricate transfers and steal assets before the network was halted.
📉 Despite the incident, Initia's native INIT token saw a significant price increase, rising nearly 60% in 24 hours and over 71% in the past week, although it remains significantly below its all-time high.