Initia halted its Layer 1 after unauthorized transfers through Noble reached about $615,000, with its initial review linking the activity to a compromised key used to forge IBC transfers.
Initia’s first estimate put about $605,000 of the transfers in USD Coin (USDC), with another $10,000 in other tokens. The affected accounts held funds in escrow for assets moving among multiple rollups.
Initia said it coordinated with validators before they stopped the Layer 1 at 1:18 a.m. ET (6:18 UTC) Nov. 10. It said the pause was intended to protect the network while the incident was assessed.
Initia said most assets transferred from the escrow accounts remained on its paused Layer 1.
Initia said its security team, validators and exchanges were helping assess the incident’s scope, with more information to follow. The project cautioned users about links and messages that did not come from official sources.
