Initia Exploit Drains $2.7M After MoveVM Bug Allows Unauthorized Token Minting

Initia is working to patch a critical vulnerability after an attacker exploited its MoveVM implementation to create unbacked assets and bridge roughly $2.7 million out of the network. The modular blockchain halted both its Layer 1 and associated rollups on October 23 after detecting the security incident. Initia later said the attacker had abused a bug in MoveVM's script caching mechanism, allowing malicious code to bypass security checks and manipulate the state seen by the virtual machine. The incident affected wrapped and bridged assets rather than Initia's native INIT token, according to the project. Initia Halts L1 and Rollups After Security Incident Initia stopped its Layer 1 and rollup networks at 15:41 UTC on October 23 while developers, validators, exchanges and security specialists investigated the incident.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Crypto Daily.