🦈 SPECIAL INVESTIGATION · SHARK593

Millions of dollars at risk and its blockchain halted.

What began as a security alert ended up becoming a serious incident for Initia.

On November 9, the team detected unauthorized access to its infrastructure. The investigation revealed that an attacker may have used a compromised Google Cloud key to access other internal systems and reach the platform hosting the network’s rollups.

The result? Five withdrawals were forged via the IBC protocol, unlocking assets that had been held in custody on the main blockchain.

On November 10 at 06:18 UTC, Initia made a drastic decision: to halt its main blockchain along with its validators to stop unauthorized transfers.

But figures revealed later raised the severity of the incident.

According to the project’s own investigation, approximately 3.27 MILLION DOLLARS IN ASSETS were transferred to an address controlled by the attacker.

Of that amount, around 2.16 million remained trapped on the halted network, with no way to transfer them.

And there’s an even more striking detail: the team said the attacker did not withdraw INIT tokens from the blockchain.

The situation is not entirely new, either. Initia had already suffered another security incident in October, making this new shutdown its second serious episode in less than three weeks.

The project is now preparing to rebuild the affected infrastructure, with new security controls and assistance from specialized teams. Recovery will not be a simple restart: there is still no definitive reactivation date.

And while the infrastructure remains halted, INIT is making extraordinary moves in the market. Reports on November 10 recorded gains of more than 60% in 24 hours, a reaction that contrasts with the severity of the incident.

A halted blockchain, millions of dollars at risk, and a token moving in an unexpected direction.

At Initia, the questions still outnumber the answers.

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