Initia blockchain halted after $2.6M exploit

7.1 Security

Oct 23, 2026

Initia halted its blockchain after an exploit enabled unlimited token minting and theft of about $2.6 million. The team is investigating, but the full impact is unclear.

On October 23, 2026, Initia, a modular layer-1 blockchain, halted its mainnet and rollups after a significant security breach involving unauthorized token minting. The exploit, identified by security researcher Spreek, allowed an attacker to mint unlimited tokens and convert them into assets valued at roughly $2.6 million. Additional funds are reportedly still in transit. Onchain data revealed a transfer of approximately 1,135 ETH (over $2.7 million) to a single Ethereum wallet. In response, Initia's team suspended operations at 15:41 UTC and is now working with validators, exchanges, and security firms to determine the full extent of the losses. While the network halt has been confirmed, Initia has yet to officially disclose the total amount stolen or provide specifics about the exploited vulnerability. The incident has raised concerns within the crypto community and led to increased volatility in the INIT token.