Hacker Prints $2.7M in Crypto as Initia Blockchain Grinds to a Halt

Modular blockchain platform Initia halted its network Friday after the team confirmed “a security incident” that compromised its operations. According to Initia co-founder Ezaan Mangalji, the attacker exploited the breach to mint an estimated $2.7 million worth of tokens. “As of Oct 23, 2026, 3:41:30 PM UTC, the Initia L1 and Rollups have been halted due to a security incident,” the official Initia X account wrote at 12 p.m. Eastern time on Friday. “Our team is actively investigating the situation and working to establish the full scope of any impact with security teams, validators, and exchanges.” Initia is essentially a blockchain platform designed to make it easier for different cryptocurrency networks to work together.

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