๐จ INITIA HALTED ITS CHAIN โ AND THE REAL LOSS HAPPENED AT THE BRIDGES
A suspected MoveVM exploit allowed an attacker to create unbacked tokens on Initia
On-chain investigators traced roughly $2.7M in real assets leaving bridge reserves
Initia halted its L1 and connected rollups
But the biggest lesson isn't the amount stolen ๐
The attacker allegedly created tokens without backing, then used cross-chain infrastructure to redeem them for real assets
The bridges processed withdrawals against tokens that should never have existed
$INIT
โ ๏ธ Here's the distinction
A bridge can execute exactly as designed and still release real collateral when another component violates its assumptions
Initia's co-founder says native INIT minting wasn't affected, but that doesn't establish the safety of every bridged asset
What matters now
โข Verified reserve balances and affected assets
โข A confirmed patch and safe restart
โข Clear recovery plans for affected users
Until those answers arrive, I'd avoid bridging funds into Initia or trusting unofficial recovery links
A secure bridge is only as strong as the assets it's told to trust
$INIT #Initia
A suspected MoveVM exploit allowed an attacker to create unbacked tokens on Initia
On-chain investigators traced roughly $2.7M in real assets leaving bridge reserves
Initia halted its L1 and connected rollups
But the biggest lesson isn't the amount stolen ๐
The attacker allegedly created tokens without backing, then used cross-chain infrastructure to redeem them for real assets
The bridges processed withdrawals against tokens that should never have existed
$INIT
โ ๏ธ Here's the distinction
A bridge can execute exactly as designed and still release real collateral when another component violates its assumptions
Initia's co-founder says native INIT minting wasn't affected, but that doesn't establish the safety of every bridged asset
What matters now
โข Verified reserve balances and affected assets
โข A confirmed patch and safe restart
โข Clear recovery plans for affected users
Until those answers arrive, I'd avoid bridging funds into Initia or trusting unofficial recovery links
A secure bridge is only as strong as the assets it's told to trust
$INIT #Initia