Overview
- Security researcher Spreek flagged an "infinimint" exploit on Friday that showed tokens being minted without limit and an early estimate of about $2.6 million cashed out with more funds still in motion.
- Initia suspended its layer‑1 blockchain and its rollups at 15:41:30 UTC on Oct. 23 and said security teams, validators, and exchanges are helping to investigate and stop further movement of assets.
- On‑chain analyses and reporting show stablecoin swaps and transfers to Ethereum, including reported creation or movement of AUSD, a later consolidation of roughly 1,135.5 ETH, and USDC flows, while Agora says the AUSD minting account was not its contract.
- The project has not published a final loss tally or the technical root cause and says it will issue a post‑mortem and reconciliation once investigators verify the scope of the breach.
- Initia launched mainnet in 2025, raised about $24 million and passed multiple audits but has had prior operational errors, and its modular interwoven rollup design increases attack surface and could leave liquidity providers and app users exposed while bridges and exchanges work to freeze illicit flows.