Initia Halts Chain After $2.7M MoveVM Exploit, No Restart Date Yet
Altcoin Buzz
Initia's Layer 1 chain and its rollups have been halted since 3:41:30 p.m. UTC on October 23, after an attacker minted unbacked stablecoins and moved about $2.7 million off the network. Initia said it was working with security teams, validators and exchanges to establish the full scope of the damage. For INIT holders, the most important detail is about supply. Initia said no native INIT was minted and the total INIT supply is unaffected. The fake tokens were AUSD on Initia, not INIT. The cost to holders today is access: nothing moves on the L1 or the rollups until the chain restarts, and Initia has not given a date for that.
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- Hacks & Scams
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- Altcoin Buzz
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- CryptoNinjas
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