News linked to both this project and an event.
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.
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.
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.
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.
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 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.
据 Spreek 监测表示，Initia 链遭遇攻击，多个代币出现“无限增发”情况。攻击者目前已套现约 260 万美元，另有部分资金仍在转移过程中。攻击者以太坊地址（0xDD9 开头）目前持有约 1102 枚 ETH，价值约 265 万美元，该地址初始资金来自 Tornado Cash。此外，攻击者在 Initia 链上的地址仍持有约 454 万美元资产，包括 300 万枚 iUSD、92 万枚 USDC、40 万枚 AUSD 及 95 枚 ETH。目前 Initia 官方尚未回应。