Initia suspended its layer-1 blockchain and rollups at 3:41 p.m. UTC on Friday after researchers reported an exploit that allowed unauthorized token minting and the drain of over $2.6 million in crypto assets. According to D2 Finance, the attacker minted 2 million AUSD without sufficient backing, then used cross-chain transfers to move about 1.4 million AUSD, 105 ETH and 1.08 million USDC to Ethereum. The stolen funds were consolidated into an Ethereum wallet holding roughly 1,135.5 ETH, worth $2.73 million, and D2 Finance attributed the attack to a flaw in a Move function. Initia has not confirmed the losses or cause, and its INIT token fell to about $0.115 before rebounding above $0.15, trading near $0.1496 at the time of writing, up roughly 14% over 24 hours.
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