UPDATE: Initia halts at block 23,365,925 after $2.7M software vulnerability exploit
CIE News ·
Update to Initia halts network after security incident and reported token minting
Confirmed by 2 independent news outlets.
Initia halted its base chain and rollups at block 23,365,925 on Oct. 23 after an attacker drained $2.7 million via unbacked minting. Upbit paused transfers while Agora froze the perpetrator's Ethereum address.
Initia halted block production across its Layer-1 base chain at block 23,365,925 and stopped all connected rollups on Oct. 23 following an exploit, adding specific operational details after the network previously announced a security incident. An attacker converted roughly 1.4 million AUSD and 1 million USDC into 1,135.5 ETH worth over $2.7 million via 1inch between 15:03 and 15:05 UTC, cryptopolitan.com reported. Co-founder Ezaan Mangalji attributed the breach to a newly discovered software vulnerability that enabled unauthorized token creation.
The drained 1,135.5 ETH was transferred to Ethereum wallet 0xDD92…edFA just seconds after the network stopped, according to cryptopolitan.com. AUSD issuer Agora clarified that it operates no smart contracts on Initia and noted that a third-party product was affected, though it froze the attacker's initial Ethereum address following the swaps. Meanwhile, centralized exchange Upbit suspended INIT deposits and withdrawals at 15:57 UTC while trading on the platform remained active.
Key facts
- Halted at block 23,365,925
- 1,135.5 ETH ($2.7M) stolen
- Software vulnerability blamed
- Upbit paused INIT transfers
Read the original at crypto.news