News · Security & Hacks
An attacker minted unbacked tokens on Initia's Layer 1 and bridged assets to Ethereum through LayerZero adapters, leaving the chain offline without a restart timeline.
Key point 1 of 3
01
Initia paused its Layer 1 and rollups on Oct. 23 after an attacker exploited a MoveVM bug to extract $2.7 million .
Key point 2 of 3
02
The attacker minted synthetic tokens on Initia and bridged them to Ethereum via LayerZero OFT adapters to drain real collateral .
Key point 3 of 3
03
The chain has not established a restart timeline as the team evaluates the incident alongside validators and security analysts .
Context
Initia pairs a Cosmos SDK foundation with a MoveVM execution layer. The incident highlights architectural vulnerabilities when non-native smart contract environments interact with…
Why it matters
Holders of assets on Initia remain unable to transact or exit positions while rollups and the base layer remain frozen.
What to watch
Initia's official post-mortem report, validator coordination on a network restart patch, and potential recovery measures for drained bridge adapters.
Sources
Built from 1 primary source, machine-checked before publication.
Keep reading
Read the full story
AI-generated, source-verified. Sources, citations and live prices on the article page.