INITIA SUFFERS SECOND SECURITY BREACH WORTH 3.27 MILLION USD AS INIT EXPERIENCES SHARP VOLATILITY
Layer-1 blockchain Initia has confirmed its second security incident in under three weeks, resulting in approximately 3.27 million USD in compromised digital assets. Beginning on November 9, the attacker exploited a command injection vulnerability via a compromised Google Cloud Platform key to gain access to Initia's GitHub repositories and the Anvil rollup hosting platform. The exploit enabled the forgery of Inter-Blockchain Communication (IBC) withdrawal proofs across five rollups, prompting the layer-1 chain to release underlying assets from IBC escrow accounts.
Of the 3.27 million USD affected, 2.16 million USD remains immobilized on the layer-1 network, which halted block production on November 10 to contain the incident. The perpetrator swapped a portion of the assets on Initia's decentralized exchange and bridged out 13,400 TIA, 8,000 USDC.inj, and 597,000 Noble USDC before hitting cross-chain rate limits, with zero INIT tokens withdrawn. This follows an earlier October 23 exploit involving a MoveVM script cache bug that drained 2.7 million USD.
Initia is working with security firms to reimburse affected users and rebuild its infrastructure from scratch within an isolated environment. Despite the operational halt, INIT surged over 61% on November 10 to reach a yearly peak near 0.336 USD on 125 million USD in 24-hour trading volume, before retracing toward 0.21 USD on November 11.
DYOR. $INIT
Layer-1 blockchain Initia has confirmed its second security incident in under three weeks, resulting in approximately 3.27 million USD in compromised digital assets. Beginning on November 9, the attacker exploited a command injection vulnerability via a compromised Google Cloud Platform key to gain access to Initia's GitHub repositories and the Anvil rollup hosting platform. The exploit enabled the forgery of Inter-Blockchain Communication (IBC) withdrawal proofs across five rollups, prompting the layer-1 chain to release underlying assets from IBC escrow accounts.
Of the 3.27 million USD affected, 2.16 million USD remains immobilized on the layer-1 network, which halted block production on November 10 to contain the incident. The perpetrator swapped a portion of the assets on Initia's decentralized exchange and bridged out 13,400 TIA, 8,000 USDC.inj, and 597,000 Noble USDC before hitting cross-chain rate limits, with zero INIT tokens withdrawn. This follows an earlier October 23 exploit involving a MoveVM script cache bug that drained 2.7 million USD.
Initia is working with security firms to reimburse affected users and rebuild its infrastructure from scratch within an isolated environment. Despite the operational halt, INIT surged over 61% on November 10 to reach a yearly peak near 0.336 USD on 125 million USD in 24-hour trading volume, before retracing toward 0.21 USD on November 11.
DYOR. $INIT
