Initia Halts Layer 1 and Rollups After Security Incident

Initia said its layer-1 network and rollups were halted at 15:41:30 UTC on Friday due to a security incident, and that it is working with security teams, validators and exchanges to establish the scope of any impact.

Initia said its layer-1 network and rollups were halted at 15:41:30 UTC on Friday due to a security incident, and that it is working with security teams, validators and exchanges to establish the scope of any impact.

South Korean exchange Upbit temporarily suspended INIT deposits and withdrawals, citing circumstances indicating a security incident, and warned that INIT's price volatility may increase.

South Korean exchange Upbit temporarily suspended INIT deposits and withdrawals, citing circumstances indicating a security incident, and warned that INIT's price volatility may increase.

Stablecoin issuer Agora said its AUSD token does not exist on Initia and that no AUSD was minted there, adding that a separate third-party product using AUSD on Ethereum was affected.

Stablecoin issuer Agora said its AUSD token does not exist on Initia and that no AUSD was minted there, adding that a separate third-party product using AUSD on Ethereum was affected.

The halt stops activity across Initia's network and its rollups while the team investigates. As of 18:50 UTC, the project had not said what happened or whether funds were lost.

Upbit Suspends INIT Deposits and Withdrawals

Initia urged users to "remain cautious of unofficial links, messages, or claims circulating during this time" and said it would verified information through official channels.

Agora Says AUSD Was Not Minted on Initia

Agora said it would freeze funds tied to hacker addresses holding AUSD on chains where its contracts are deployed, and later said AUSD "is fully backed" and its operations continue as normal.

INIT traded around $0.150 as of 18:51 UTC, up 15% over 24 hours, according to CoinMarketCap data.