Cointelegraph· Cointelegraph by Nate Kostar·· 8d agoSelected
Initia halts blockchain after exploit drains over $2.6M to Ethereum
Original source: CointelegraphRead original
AI brief
Initia suspended its layer-1 network and rollups at 3:41 p.m. UTC on Friday after security researchers identified an exploit allowing unauthorized token minting and the transfer of over $2.6 million in crypto assets to Ethereum. DeFi platform D2 Finance reported the attacker exploited a vulnerability in a Move function to mint 2 million AUSD tokens without backing, subsequently withdrawing approximately 1.4 million AUSD, 105 ETH, and 1.08 million USDC to an Ethereum wallet holding about 1,135.5 ETH, valued at $2.73 million.
Why it matters
This incident highlights the security risks in DeFi and layer-1 blockchain infrastructure, which is critical for readers tracking AI, cryptocurrency, and financial markets.
Source: Cointelegraph · cointelegraph.com