Initia halted its network on Tuesday after an attacker used compromised cloud credentials to steal $3.27 million in assets, with $2.16 million currently frozen as recovery efforts proceed.
Initia suffered its second exploit in under three weeks, this time $3.27 million stolen via compromised cloud credentials, and halted its layer-1 on Tuesday. A halted chain, frozen funds ($2.16 million still frozen) and repeat security failures undermine confidence in the network and its token. The only mitigant noted is that no INIT tokens were withdrawn and the team intends to restore backing of affected assets.
Only 13,400 TIA were withdrawn by the attacker from Initia's platform, a small amount relative to the token's overall market, so the direct sell pressure or reputational spillover is minimal.
Initia has suspended its layer-1 blockchain following a $3.27 million security breach, the second such incident in less than three weeks. An attacker utilized compromised Google Cloud Platform credentials to validate fraudulent IBC withdrawals, though the team confirmed that no INIT tokens were stolen during the exploit.
An attacker used a compromised Google Cloud Platform key to access Initia's cloud and GitHub accounts, validated fraudulent withdrawals from five rollups, and stole about $3.27 million. The network was halted on Tuesday and roughly $2.16 million of stolen assets remain frozen.
No. The attacker sold assets on Initia's decentralized exchange and withdrew 13,400 TIA, 8,000 USDC.inj and 597,000 Noble USDC; no INIT tokens were withdrawn.