The Initia (INIT) ecosystem has been shaken by a security incident that emerged today. While the project team confirmed that the Initia mainnet and rollup networks have been shut down, security researcher Spreek reported that the attacker extracted approximately $2.6 million worth of assets through unauthorized token minting.
According to Spreek’s initial investigation, multiple tokens were illegally generated in the attack. The researcher stated that approximately $2.6 million in outflows were detected during the reporting process, with additional funds still in the transfer process. To support his findings, he also published a sample token minting transaction and the Ethereum address he associates with the attacker.
However, this figure is not yet the finalized total loss. The Initia team has not confirmed the technical cause of the incident or the amount of the loss in its official statement.
The team stated that they are working with security organizations, validators, and cryptocurrency exchanges to determine the impact of the incident. While verified information will be shared through official channels, users were warned against fake links and messages that may circulate during this process.
Upbit Issues Transfer Halt and Investor Warning
South Korean cryptocurrency exchange Upbit also took precautions for INIT following the development. The exchange announced that it had temporarily suspended deposit and withdrawal services, citing indications of a security incident on the Initia network.
Upbit has linked the reopening of transfers to verifying the security of deposit and withdrawal transactions. While a specific restart time has not been announced, it was stated that updates would be provided via the same announcement.
The exchange also issued a separate statement warning INIT investors of potential increased price volatility. This warning does not mean a delisting or suspension of trading; the announced service restrictions cover deposits and withdrawals.
*This is not investment advice.
Continue Reading: Attack Alert for This Altcoin: Network Shut Down, Added to Upbit’s Warning List