Initia Network Halted After Security Incident Involving Token Mint

The Initia blockchain network has been halted following a security incident in which an attacker reportedly minted tokens, prompting a $2.7 million ether transfer visible onchain.

The team behind the modular Layer 1 network confirmed the halt as it investigates the scope of the breach. Onchain data indicates the movement of approximately $2.7 million worth of ether from an address associated with the incident, though the full extent of the exploit remains under review.

Initia’s architecture is designed to allow application-specific Layer 2 blockchains to be built on its network. The halt affects all operations on the mainnet and its connected rollups while the investigation is ongoing.

Further details on the nature of the token minting exploit and any potential impact on user funds have not yet been disclosed. The team stated it will provide a full post-mortem and timeline for a network restart once its investigation is complete.