Initia Halts L1 and Rollups After $2.7M Exploit Tied to Unauthorized Token Minting
- —Network halted at 15:41 UTC on Oct. 23 with no restart timeline announced
- —Attacker minted 2 million unbacked AUSD and bridged funds to Ethereum
- —Roughly 1.4 million AUSD, 105 ETH and 1.08 million USDC were moved out
- —The MoveVM Cosmos SDK flaw did not affect the native INIT token
Why it matters: The halt undermines confidence in Initia's Minitia rollup ecosystem and may prompt security reviews across Cosmos-based L1s.
Source: CryptoNinjas