Infinite-mint exploit on Initia lets attacker cash out about $2.6 million
- —The flaw let the attacker mint uncapped tokens and swap them for value-bearing assets
- —About $2.6 million was cashed out by reporting time, with more assets still moving
- —The minting was confirmed via a transaction on Initia's official explorer
- —Initia raised about $24 million from Binance Labs and Delphi Digital and underwent multiple audits
Why it matters: The exploit tests confidence in modular L1s and their audits, and losses could grow as liquidity providers absorb the dumped tokens.
Source: Crypto Briefing