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Based on our investigation so far, on November 9th an attacker gained unauthorized access to Initia’s infrastructure through a command injection attack with a compromised GCP key used for provisioning private nodes. This exposed environment variables, which allowed the attacker to access our GitHub and GCP accounts and obtain further credentials.
With these credentials the attacker gained access to Anvil, the hosting platform used by rollups on Initia. Through this the attacker was able to validate forged IBC withdrawals from five rollups, unlocking assets held by the Initia L1’s IBC escrow accounts.
Around $3.27m of assets were moved to the attacker’s Initia L1 address with $2.16m of the stolen funds remaining on the paused L1 where they cannot be moved. The attacker sold stolen assets on the Initia DEX and then withdrew 13.4k TIA, 8k USDC.inj, and 597k Noble USDC reaching Initia’s outbound IBC rate limits. No INIT was withdrawn from Initia by the attacker.
We intend to restore the backing of affected assets in full. We are finalizing the plan and will share the details once it is confirmed.
As a precaution, we are rebuilding the affected infrastructure from scratch in an isolated environment, enforcing least-privilege access controls, and hardening security at every layer of the stack from cloud infrastructure to onchain IBC validation. Given the above, we expect this process to be longer than a routine network restart. We will share timelines as they become available.
All announcements will be made through Initia’s official channels. Thank you for your patience.
The Initia L1 was halted at 06:18 UTC on November 10 in coordination with validators as a protective measure.
We took this step after identifying unauthorized transfers from the escrow accounts on the Initia L1 that hold assets bridged to several rollups. Our investigation so far indicates that the transfers were made using compromised rollup infrastructure keys allowing an attacker to fabricate IBC transfers.
Our preliminary review indicates that approximately $605,000 USDC left Initia through Noble along with $10k in other tokens before the network was paused. Most of the remaining assets moved out of the escrow accounts are still on the halted L1.
We are working to determine the full scope with security teams, validators, and exchanges. We will share more details as they become available. Please remain cautious of unofficial links, messages, or claims.
The Initia team is investigating an issue affecting rollup infrastructure. The team has coordinated with rollups to pause temporarily.
We have not identified any impact to user funds and we hope rollups will resume producing blocks soon.
The Initia L1 remains live and operational with some services like Initia Scan having degraded performance.
The Initia L1 and rollups are planned to resume operations on Monday, November 2, 2026.
The chain upgrade will apply the independently audited MoveVM patch, isolate the attacker’s remaining forged balances, and enable additional security measures without rolling back transaction history.
The backing of AUSD0, USDC.n and WETH will be fully restored before the restart and no user action is required. Additionally, to protect users and liquidity providers, the Initia DEX will begin paused for a brief window while a designated account rebalances the pools toward market prices. Any profits from rebalancing will be returned to the affected liquidity providers.
Bridges and exchanges are expected to resume transfers after the network has been monitored. Out of an abundance of caution, withdrawal times for LayerZero OFTs WETH and AUSD0 will be set to 24h.
We will provide additional communication on Monday when the network is fully live, operational, and ready for use. Thank you for your patience. Please remain cautious of unofficial links, messages, or claims.
With the help of the Initia Foundation, the backing of affected assets from the October 23rd security incident will be fully restored when the chain is resumed.
A security fix to patch the identified vulnerability from October 23rd has been drafted and is currently under audit with security partners.
Once the audits are completed, we will provide concrete plans for restoring the backing of affected assets and the orderly restart of the Initia L1 and Rollup networks.
We expect to complete this process in the coming days.
Thank you for your patience, and please remain cautious of unofficial links, messages, or claims.
At 14:59 UTC on October 23rd, an attacker exploited a bug in Initia MoveVM’s script caching that allowed malicious code to bypass security checks. The attacker artificially spoofed the MoveVM state, thereby crediting themselves with unbacked WETH, iUSD, and USDC tokens without changing the corresponding token’s total supply. No native INIT was minted, and the total INIT supply is unaffected.
Before the network was halted, the attacker bridged out roughly $2.7M, comprising of 105 WETH and ~1.4M AUSD0 via LayerZero along with ~1.08M USDC via Noble and CCTP. The tokens were swapped for 1,135.52 ETH and currently sit in 0x358ef0130f7a5aa516dcd81bdc80b18cde41cac8 on Ethereum Mainnet.
We are actively working on a security fix to patch the identified vulnerability. We expect this to be completed and audited in a few days. Additionally, asset recovery efforts are ongoing with the help of security partners.
The Initia L1 and Rollups remain halted as we work toward a resolution. We hope to safely resume network operations as soon as possible and will provide a full post-mortem once available. In the meantime, we will continue to share verified updates through our official channels.
Please remain cautious of unofficial links, messages, or claims.
As of Oct 23, 2026, 3:41:30 PM UTC, the Initia L1 and Rollups have been halted due to a security incident.
Our team is actively investigating the situation and working to establish the full scope of any impact with security teams, validators, and exchanges.
We will share verified information through our official channels as it becomes available.
Please remain cautious of unofficial links, messages, or claims circulating during this time.
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More control for apps.
Better UX for users.
Stronger economics for builders.
A strange thing happened in crypto.
We built an industry around the idea of ownership, yet many apps don't fully own the value they create.
Apps bring the users.
Apps create the activity.
Apps generate the transactions.
Apps spend resources refining their product and community.
Yet on most shared infrastructure, much of the value they create flows elsewhere.
For years, the conversation around crypto infra has focused on what's best for the chain, rather than what's best for the app.
We think that's backwards.
The most successful apps should have more control over their economics, more flexibility over the user experience, and they should be able to grow without constantly fighting against the limitations of their infrastructure.
People use Hyperliquid because they want to trade.
People use Polymarket because they want to make predictions.
At the end of the day, product is what matters.
So the apps generating the activity should capture more of the value they create.
That's the philosophy behind Initia.
Build around the app.
Help apps keep more of the value they create.
Give builders more control over economics and user experience.
If users win, apps win.
If apps win, Initia wins.
Everything starts there.
A strange thing happened in crypto.
We built an industry around the idea of ownership, yet many apps don't fully own the value they create.
Apps bring the users.
Apps create the activity.
Apps generate the transactions.
Apps spend resources refining their product and community.
Yet on most shared infrastructure, much of the value they create flows elsewhere.
For years, the conversation around crypto infra has focused on what's best for the chain, rather than what's best for the app.
We think that's backwards.
The most successful apps should have more control over their economics, more flexibility over the user experience, and they should be able to grow without constantly fighting against the limitations of their infrastructure.
People use Hyperliquid because they want to trade.
People use Polymarket because they want to make predictions.
At the end of the day, product is what matters.
So the apps generating the activity should capture more of the value they create.
That's the philosophy behind Initia.
Build around the app.
Help apps keep more of the value they create.
Give builders more control over economics and user experience.
If users win, apps win.
If apps win, Initia wins.
Everything starts there.