Initia halts network after $2.6 million exploit and unauthorized token minting

Initia, a layer-1 blockchain focused on supporting interconnected rollups known as Minitias, suspended its main network and rollups on Friday following a significant security breach that resulted in the unauthorized minting of tokens and the theft of more than $2.6 million in crypto assets. Initia halted network activity at 3:41 p.m. UTC on Friday after reports of an exploit surfaced. The project team announced the pause publicly on X, stating that they are working with security researchers, validators, and partner exchanges to assess the situation and determine the full extent of the losses. The exploit was first identified by Spreek, a blockchain security analyst, who flagged that an attacker had been able to mint tokens without proper authorization.

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