Hacker mints tokens on Initia Chain, withdraws $3M
Summary
A hacker has exploited vulnerabilities in the Initia Chain, managing to infinite-mint tokens and withdraw approximately $2.6 million. This incident comes as Initia is undergoing significant changes, including a recent announcement to shift core USDC routing and liquidity to the Injective network to enhance stablecoin support and cross-chain capabilities amid evolving third-party infrastructure.
Analysis
Initia Chain: Initia Chain is a Cosmos SDK-based Layer 1 blockchain that serves as the base layer for an interwoven rollup network, enabling developers to deploy customizable application-specific chains with support for multiple virtual machines including EVM, MoveVM, and WasmVM. It emphasizes interoperability, shared security, and liquidity coordination across its ecosystem of rollups. The chain is the direct subject of the reported security exploit involving unauthorized token minting. Ecosystem Update: Initia recently announced a shift of core USDC routing and liquidity to the Injective network to maintain stablecoin support and cross-chain functionality amid changes in third-party infrastructure.
Categories
cryptoethereumdefi
Related sources
- https://defillama.com/chain/initia
- https://x.com/i/status/2113655363149107544
- https://defillama.com/fees/chain/initia
- https://x.com/i/status/2113653971030077670
- https://www.techflowpost.com/ja-JP/article/34697
- https://www.gate.com/learn/articles/initia-network-and-init-coin/8679
- https://x.com/i/status/2113655087079760184
- https://blockworks.com/token-transparency/filing/initia
- https://daic.capital/blog/initia-blockchain-network
- https://x.com/i/status/2113655493944127736
- https://www.imperator.co/resources/blog/initia-blockchain-presentation
- https://coinmarketcap.com/cmc-ai/initia/what-is/?start=z%253Ek
- https://x.com/spreekaway/status/2113653709607686275
- https://www.binance.com/en/square/post/24482770758258
- https://x.com/i/status/2113655485543133320