Initia halts Layer 1 and rollups after reported infinite mint exploit
Initia suspended operations across its Layer 1 network and rollups on October 23 following an exploit reportedly involving unauthorized token minting and millions in drained funds.
Initia suspended operations across its Layer 1 blockchain and connected rollups as of 15:41 UTC on October 23, 2026, following a security breach. The network's core team announced that it is investigating the scope of the incident alongside validators, exchanges, and security firms, but has not yet officially confirmed the root technical cause or total financial losses.[1][2][3]
Initial reports indicate that an attacker exploited an infinite mint vulnerability, enabling unlimited token creation. According to security researcher @spreekaway, the attacker minted unauthorized tokens and cashed out roughly $2.6 million, with additional funds remaining in transit. Onchain data highlighted by The Block tracked a transfer of 1,135 ETH valued at approximately $2.7 million, while independent reports identified an associated wallet holding roughly 1,102 ETH worth $2.64 million.[1][2][3][4]
Trading activity saw steep volatility in the immediate aftermath of the incident. On Binance, the INIT/TetherUS trading pair tumbled 17.74% as the news surfaced before swiftly rebounding 37.05% within hours.[2]
Key facts
- Initia halted its Layer 1 network and rollups at 15:41 UTC on October 23, 2026, following a security incident.
- The exploit reportedly involved an infinite mint vulnerability that allowed unauthorized token creation.
- Security researcher @spreekaway reported that an attacker cashed out about $2.6 million, with additional funds remaining in transit.
- Onchain records showed an exploit-related transfer of 1,135 ETH valued at approximately $2.7 million.
- The INIT/TetherUS trading pair dropped 17.74% before rising 37.05% on Binance following news of the breach.
- Initia is collaborating with validators, exchanges, and security firms while the exact loss amount and exploit mechanism remain unconfirmed by the team.
Sources · 4 sources
- WB
Wu Blockchain@WuBlockchainPost on X ·
Initia Halts L1 and Rollups After Security Incident; Researcher Reports Unauthorized Token Minting Initia said its L1 and rollups were halted as of 15:41 UTC on October 23 following a security incident, with the team investigating the scope of the impact alongside validators, exchanges and security firms. Separately, security researcher @spreekaway said an attacker had minted tokens without authorization and cashed out about $2.6 million so far, with additional funds still in transit. Initia has not yet confirmed the loss amount or technical cause.
Open source - CP
Crypto Patel@CryptoPatelPost on X ·
$2.6M INITIA EXPLOIT? TEAM HALTS THE ENTIRE NETWORK! Initia (@initia) has officially admitted a security incident and halted its L1 and Rollups while investigating. Reports allege an infinite-mint exploit, with an associated wallet holding ~1,102 $ETH worth $2.64M. initia:native DUMPED 17% INSTANTLY after the news, then reportedly PUMPED 37% within just 2 hours! Exact losses and the exploit mechanism remain unconfirmed. Attacker Wallet: https://t.co/UO0CeobjZQ How deep does this incident go?
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Initia has halted its Layer 1 and rollups following a security incident. Early reports claim an attacker minted tokens without limit, while onchain data shows a 1,135 ETH transfer worth roughly $2.7 million. Initia said it is still investigating the full impact. https://t.co/BFtBimRgLZ
Open source - SI
Solid Intel 📡@solidintel_xPost on X ·
INTEL: Initia chain reportedly hacked in an infinite mint exploit, allowing attackers to create unlimited tokens, with $2.6 million allegedly cashed out so far https://t.co/9SEhMNLyM9
Open source