Initia: Layer 1 network halts operations due to unauthorized transfers; approximately $605,000 in USDC was moved out via Noble.
25 minutes ago
According to an official statement from Initia, the Initia Layer 1 (L1) network was suspended at 14:18 local time (06:18 UTC) the same day after coordinating with its validators, a protective measure. Initia said the move followed the detection of unauthorized transfers in custodial accounts holding assets bridged to multiple Rollups on its L1. The project added that initial investigations attribute the transfers to stolen Rollup infrastructure keys, which attackers used to forge IBC transfers. Preliminary checks show approximately $605,000 in USDC was moved out of Initia via Noble before the network halt, alongside around $10,000 in other tokens. Most remaining assets from the custodial accounts remain on the suspended L1. Initia noted it is working with security teams, validators, and exchanges to fully determine the incident’s scope, and will provide updates as more information becomes available. The team also warned users to exercise caution with unofficial links, messages, and related claims.
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