Initia halted its L1 and all rollups on October 23 at 15:41 UTC due to a security incident.
[1][2][3]← Week of Oct 18Oct 18 – Oct 24 UTC Every claim links to the posts behind it01 02 03 04 05 06 07 08 09 10 11 6 posts on X 1 week
Microtrend / Rank 08 / Week of Oct 18 – Oct 24
Initia halts L1 and rollups after infinite-mint exploit drains ~$2.7M
Peak / day6tracked accounts
Peak daySatOct 24 · busiest day in the panel
Rest of X / peak day—not measured outside the panel
Cited claims11source links retained
Market—no token attached
Attention
Who was talking, day by day
Tracked paneldistinct tracked accounts / day
What happened
On Oct 23 at 15:41 UTC, Initia halted its L1 and all rollups due to a security incident, first reported by researcher Spreek as an infinite-mint attack. The attacker minted 2,000,000 AUSD from nothing in a single MoveVM transaction, then used a LayerZero message to release 1.4M real AUSD, 105 WETH and 1.08M USDC, extracting roughly $2.7M to Ethereum. The native INIT token was not affected, and Agora said it has no contracts on Initia. The network remains halted while the team works on a patch.
Why it matters
This is the latest high-profile DeFi exploit and a reminder that even new L1s with native rollups and cross-chain bridges are not immune to unbacked minting bugs. The forced halt of an entire L1 plus its rollups shows how quickly a security incident can freeze a whole ecosystem, and the involvement of LayerZero and Circle's CCTP highlights bridge and stablecoin risk.
Observed reaction
Mostly bearish and mocking, with some traders using it as a contrarian bullish signal for the broader market. @0xstephen_ mocked the pause button, @bitmonkcrypto called the pattern 'getting old,' @cryptopatel noted INIT dumped 17% then pumped 37%, and @ioachimviju said he's more bullish than ever despite the hack.
Spread
Where it started and who carried it
- First seen
- Oct 23, 16:22 UTC by @d2_finance
- Accounts
- 5 tracked · 4 elsewhere on X
- Communities
- eth defi (1), memecoins solana (1), airdrops farming (1), nft culture (1)
- Key accounts
- @0xgeegee, @bitmonkcrypto, @cryptopatel, @d2_finance, @cryptobullart
Explainability
Evidence register
Researcher Spreek was the first to report unauthorized token minting.
[1][2]An attacker minted 2,000,000 AUSD out of nothing via a single MoveVM transaction.
[1][2][3]A LayerZero message released 1.4M real AUSD from the Ethereum adapter 153 seconds after the mint.
[1]The attacker extracted approximately $2.7M, including 105 WETH, 1.4M AUSD, and 1.08M USDC, to Ethereum.
[1][2][3]The native INIT token was not affected by the exploit.
[1][2]Agora stated it has no contracts on Initia and that a third-party product using AUSD was impacted.
[1]The Initia network remains halted while the team works on a patch.
[1][2]The vulnerability has been attributed to Initia's MoveVM implementation.
[1]INIT token reportedly dumped 17% after the news, then pumped 37% within two hours.
[1]The attacker's wallet held ~1,102 ETH worth $2.64M.
[1]Angles
- Break down the exact on-chain sequence: one signed MoveVM tx minted 2M AUSD, then 153 seconds later a LayerZero message released 1.4M real AUSD from the Ethereum adapter, and $2.65M was on Ethereum within 7m21s.
- Compare Initia's response to other recent DeFi hacks: the team halted the L1 and rollups, native INIT was unaffected, and Agora clarified it has no contracts on Initia.
- Highlight the community reaction: @ioachimviju's 'more bullish than ever' despite the hack, and @cryptopatel's observation that INIT dumped 17% then pumped 37% within two hours.
In the playbook for Thu, Oct 29 · goes stale fast
Formats in use
- quote-tweet
- screenshot of official halt notice
- thread
- meme
- chart
Risks
- Unverified hack details: the exploit is still under investigation and figures are preliminary; do not present them as confirmed losses beyond what the posts state.
- No financial advice or price predictions: the INIT price moves mentioned are from @cryptopatel and should not be used to suggest trading actions.
- Avoid amplifying engagement bait or shilling: some posts use the hack to push unrelated tokens or narratives.
- Ensure all numbers are attributed to the original posts and not presented as independently verified.
Observed content
Most-engaged posts
Initia halts L1 and all rollups after ~$2.7M exploit On October 23 at 15:41 UTC, the @initia network (L1 + rollups) was fully halted due to a security incident. Researcher Spreek was the first to report unauthorized token minting. The Initia team later confirmed that before theOpen on X →
i'm more bullish than i've ever been while: - stocks are near capitulation - Korea's president is begging people not to end their lives over the Kospi - DeFi hacks keep coming, Initia the latest the biggest edge in life is being bullish when fear peaks day 2 of Arb x RH FoundeOpen on X →
🚨♾️🔥 ANOTHER BLOCKCHAIN EXPLOIT — INITIA HIT BY INFINITE MINT ATTACK! Initia reportedly suffered an infinite-mint exploit on 23 October 2026, forcing its Layer 1 network and rollups to halt. 💰 Approximately $7.48 MILLION in unauthorised tokens reportedly minted. 💸 ApproximOpen on X →
a whole l1 just hit the pause button lol initia froze its chain + rollups after someone minted 2m aust... sorry, 2m AUSD with nothing backing it then bridged ~$2.6m out to ethereum before anyone blinked thats what an unbacked mint is. free money printed out of thin air, and hOpen on X →
Yeah, Initia is another story lmao... same stuffOpen on X →
gn tweet 1. Vulnerabilities, Cybersecurity and old tokens: ethereum:0x9e46a38f5daabe8683e10793b06749eef7d733d1 Knowing my fiery passion about being max long cybersecurity, a few good ppl brought this to my attention in a gc as essentially the only viable exposure in crypto (oneOpen on X →
History