Hacking News
Initia Blockchain Exploit Drains $2.6M
Blockchain platform Initia halted its layer-1 network and rollups after security researchers reported an exploit allowing an attacker to mint unauthorized tokens and drain over $2.6 million in crypto assets. The incident occurred on Friday at 3:41 p.m. UTC, with the team working with security researchers, validators, and exchanges to determine the full impact. The attacker exploited a vulnerability in a Move function to mint 2 million AUSD tokens without backing and transfer them to Ethereum, resulting in the theft of approximately $2.73 million in assets, including 1,135.5 ETH.