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Project Overview
Initia is a network for 0-to-1 omnichain rollups built by fusing a novel L1 with an interwoven application-specific L2 infrastructure system. The Initia Platform provides product ready rollups that enables teams to build scalable and sovereign systems while eliminating the UX complexities end users face when interacting with a modular multi-chain universe. Initia’s ownership of the full tech stack allows for a suite of chain-level mechanisms that align the economic interests across users, developers, L2 app chains, and the L1.
Native token INIT unaffected, Initia exploit may involve MoveVM Day 0 vulnerability
According to Zon monitoring, available information indicates that this security incident may have originated from a Day 0 vulnerability in Initia's MoveVM built on Cosmos SDK. The vulnerability allowed attackers to mint additional tokens on Initia L1, but does not affect the native token INIT. Before the blockchain was halted, the attacker had already transferred out approximately $2.7 million worth of AUSD, ETH, and USDC through additional minting and cross-chain transfers. The team is still investigating, and the subsequent impact and further details remain to be confirmed.
Initia suspends L1 and Rollup operations due to security incident, team investigating scope of impact
Initia officially announced that due to a security incident, Initia L1 and its Rollups have been suspended. The team is working with security teams, validators, and exchanges to investigate the incident and determine the scope of impact. Initia stated that verified information will be released through official channels going forward, and reminded users to be wary of unofficial links, messages, and unverified claims circulating during the incident.
Upbit, Bithumb List Initia (INIT) as Trading Warning Asset
According to announcements from Upbit and Bithumb, both Korean cryptocurrency exchanges have designated Initia (INIT) as a trading alert asset due to unexplained or unresolved security incidents, such as hacks impacting related wallets or distributed ledgers, which could lead to user asset losses. Currently, deposit and withdrawal services for INIT on both exchanges have been suspended. Upbit stated that upon resumption, withdrawals will be prioritized, with deposit services to be announced separately.
Approximately $2.7 million was transferred out; Initia discloses details of the MoveVM cache vulnerability
Initia stated that on October 23 at 22:59 (UTC+8), an attacker exploited a vulnerability in the Initia MoveVM script cache to bypass security checks and forge MoveVM state, crediting themselves with WETH, iUSD, and USDC that had no actual backing. The total supply of the relevant tokens has not changed, INIT was not minted additionally, and the total supply is unaffected.
Native token INIT unaffected, Initia exploit may involve MoveVM Day 0 vulnerability
According to Zon monitoring, available information indicates that this security incident may have originated from a Day 0 vulnerability in Initia's MoveVM built on Cosmos SDK. The vulnerability allowed attackers to mint additional tokens on Initia L1, but does not affect the native token INIT. Before the blockchain was halted, the attacker had already transferred out approximately $2.7 million worth of AUSD, ETH, and USDC through additional minting and cross-chain transfers. The team is still investigating, and the subsequent impact and further details remain to be confirmed.
USDC Migration: Initia to Move from Noble to Injective
Initia posted on X that, as Circle will sunset USDC on Noble, USDC on Initia will migrate from Noble to Injective. Initia Labs has developed a redemption vault, so users need take no action; existing USDC.n will continue to function normally, newly transferred USDC will arrive as USDC.inj, and USDC.n transferred out will be automatically redeemed for USDC.inj via the vault and continue to be sent to the target address. Applications may gradually transition from USDC.n to USDC.inj, and users can also swap at a 1:1 ratio via Initia Wallet. After January 12, 2027, only Noble USDC held in wallets can be redeemed with Circle; by then, USDC.n on Initia will no longer be redeemable.
Initia Foundation Approves Funding to Cover iUSD Collateral Shortfall
Initia officials stated that, with support from the Initia Foundation, the 1:1 asset backing for assets affected by the October 23 security incident will be fully restored when the chain resumes operations. The Initia Foundation has approved funding to cover the reserve shortfalls for Noble USDC, WETH, and AUSD0 used as collateral for iUSD, amounting to up to 1.08 million USDC, 105 ETH, and 1.4 million AUSD0, respectively. The specific amounts remain subject to verification and require final transfer approval.
Remediation Plan Drafted; Initia to Restart L1 and Rollup Networks After Audit
According to Initia monitoring, a security remediation plan has been drafted for the vulnerability discovered on October 23 and is currently being audited with security partners. Once the audit is complete, Initia will publish a detailed plan outlining how support for affected assets will be restored and how the Initia L1 and Rollup networks will be restarted in an orderly manner. This process is expected to be completed within the coming days.
Upbit, Bithumb List Initia (INIT) as Trading Warning Asset
According to announcements from Upbit and Bithumb, both Korean cryptocurrency exchanges have designated Initia (INIT) as a trading alert asset due to unexplained or unresolved security incidents, such as hacks impacting related wallets or distributed ledgers, which could lead to user asset losses. Currently, deposit and withdrawal services for INIT on both exchanges have been suspended. Upbit stated that upon resumption, withdrawals will be prioritized, with deposit services to be announced separately.
Approximately $2.7 million was transferred out; Initia discloses details of the MoveVM cache vulnerability
Initia stated that on October 23 at 22:59 (UTC+8), an attacker exploited a vulnerability in the Initia MoveVM script cache to bypass security checks and forge MoveVM state, crediting themselves with WETH, iUSD, and USDC that had no actual backing. The total supply of the relevant tokens has not changed, INIT was not minted additionally, and the total supply is unaffected.
Native token INIT unaffected, Initia exploit may involve MoveVM Day 0 vulnerability
According to Zon monitoring, available information indicates that this security incident may have originated from a Day 0 vulnerability in Initia's MoveVM built on Cosmos SDK. The vulnerability allowed attackers to mint additional tokens on Initia L1, but does not affect the native token INIT. Before the blockchain was halted, the attacker had already transferred out approximately $2.7 million worth of AUSD, ETH, and USDC through additional minting and cross-chain transfers. The team is still investigating, and the subsequent impact and further details remain to be confirmed.
Initia suspends L1 and Rollup operations due to security incident, team investigating scope of impact
Initia officially announced that due to a security incident, Initia L1 and its Rollups have been suspended. The team is working with security teams, validators, and exchanges to investigate the incident and determine the scope of impact. Initia stated that verified information will be released through official channels going forward, and reminded users to be wary of unofficial links, messages, and unverified claims circulating during the incident.
Initia Foundation Approves Funding to Cover iUSD Collateral Shortfall
Initia officials stated that, with support from the Initia Foundation, the 1:1 asset backing for assets affected by the October 23 security incident will be fully restored when the chain resumes operations. The Initia Foundation has approved funding to cover the reserve shortfalls for Noble USDC, WETH, and AUSD0 used as collateral for iUSD, amounting to up to 1.08 million USDC, 105 ETH, and 1.4 million AUSD0, respectively. The specific amounts remain subject to verification and require final transfer approval.
Remediation Plan Drafted; Initia to Restart L1 and Rollup Networks After Audit
According to Initia monitoring, a security remediation plan has been drafted for the vulnerability discovered on October 23 and is currently being audited with security partners. Once the audit is complete, Initia will publish a detailed plan outlining how support for affected assets will be restored and how the Initia L1 and Rollup networks will be restarted in an orderly manner. This process is expected to be completed within the coming days.
Initia suspends L1 and Rollup operations due to security incident, team investigating scope of impact
Initia officially announced that due to a security incident, Initia L1 and its Rollups have been suspended. The team is working with security teams, validators, and exchanges to investigate the incident and determine the scope of impact. Initia stated that verified information will be released through official channels going forward, and reminded users to be wary of unofficial links, messages, and unverified claims circulating during the incident.
Coinbase Suspends Trading of 25 Perpetual Contracts and Completes Auto-Settlement
According to an official announcement, Coinbase has suspended trading of 25 perpetual contracts, as previously announced. All outstanding positions in these contracts have been automatically settled at the final settlement price. The affected contracts include TRB, RARE, NEIRO, A, ME, XTZ, KMNO, RAY, STX, ENS, GMT, SNX, 1000FLOKI, 0G, ORDI, NIL, BIO, UMA, BEAM, INIT, SOMI, EGLD, CLANKER, SOPH, and BIGTIME. The final settlement price was calculated as the average index price over the 60 minutes preceding the suspension. Coinbase stated that this action aims to focus on products that consistently meet liquidity and market quality standards, and that it will accelerate the launch of new perpetual contracts by optimizing internal processes.
Related news
Initia Foundation Approves Funding to Cover iUSD Collateral Shortfall
Initia officials stated that, with support from the Initia Foundation, the 1:1 asset backing for assets affected by the October 23 security incident will be fully restored when the chain resumes operations. The Initia Foundation has approved funding to cover the reserve shortfalls for Noble USDC, WETH, and AUSD0 used as collateral for iUSD, amounting to up to 1.08 million USDC, 105 ETH, and 1.4 million AUSD0, respectively. The specific amounts remain subject to verification and require final transfer approval.
Remediation Plan Drafted; Initia to Restart L1 and Rollup Networks After Audit
According to Initia monitoring, a security remediation plan has been drafted for the vulnerability discovered on October 23 and is currently being audited with security partners. Once the audit is complete, Initia will publish a detailed plan outlining how support for affected assets will be restored and how the Initia L1 and Rollup networks will be restarted in an orderly manner. This process is expected to be completed within the coming days.
Upbit, Bithumb List Initia (INIT) as Trading Warning Asset
According to announcements from Upbit and Bithumb, both Korean cryptocurrency exchanges have designated Initia (INIT) as a trading alert asset due to unexplained or unresolved security incidents, such as hacks impacting related wallets or distributed ledgers, which could lead to user asset losses. Currently, deposit and withdrawal services for INIT on both exchanges have been suspended. Upbit stated that upon resumption, withdrawals will be prioritized, with deposit services to be announced separately.
Approximately $2.7 million was transferred out; Initia discloses details of the MoveVM cache vulnerability
Initia stated that on October 23 at 22:59 (UTC+8), an attacker exploited a vulnerability in the Initia MoveVM script cache to bypass security checks and forge MoveVM state, crediting themselves with WETH, iUSD, and USDC that had no actual backing. The total supply of the relevant tokens has not changed, INIT was not minted additionally, and the total supply is unaffected.
Native token INIT unaffected, Initia exploit may involve MoveVM Day 0 vulnerability
According to Zon monitoring, available information indicates that this security incident may have originated from a Day 0 vulnerability in Initia's MoveVM built on Cosmos SDK. The vulnerability allowed attackers to mint additional tokens on Initia L1, but does not affect the native token INIT. Before the blockchain was halted, the attacker had already transferred out approximately $2.7 million worth of AUSD, ETH, and USDC through additional minting and cross-chain transfers. The team is still investigating, and the subsequent impact and further details remain to be confirmed.
Initia suspends L1 and Rollup operations due to security incident, team investigating scope of impact
Initia officially announced that due to a security incident, Initia L1 and its Rollups have been suspended. The team is working with security teams, validators, and exchanges to investigate the incident and determine the scope of impact. Initia stated that verified information will be released through official channels going forward, and reminded users to be wary of unofficial links, messages, and unverified claims circulating during the incident.