Initia halted its Layer 1 network and rollups after identifying a security incident. The project later attributed the exploit to a flaw in MoveVM's script-cache mechanism, saying it let an attacker get around checks and create token balances without matching assets. Wrapped Ether (WETH), iUSD and USD Coin (USDC) were among the affected tokens.
Initia valued the assets bridged to Ethereum at about $2.7 million; it said the subsequent exchange produced 1,135.52 Ether (ETH). The project said the incident did not create any native INIT tokens, leaving INIT's total supply unchanged.
Recovery work was underway, and Initia expected to finish and audit a security fix within a few days. Security analyst Spreek's earlier estimate of cash-outs tied to the alleged Initia attack put the amount at about $2.6 million in an Oct. 23 update, when transfers were still moving. Initia's update explained the incident through a software flaw and addressed whether the native token supply had changed.
