Initia L1 unbacked-mint exploit (2026-10-23): reported ~$2.7M bridged to Ethereum, attacker and holding wallet per Spreek and on-chain data
- Scam type: Hack
- Chain: EVM (Ethereum, BNB Chain, Base and other EVM chains)
- Project or site name: Initia
- Incident date: 2026-10-23
- Reported: 2026-10-23
- Last updated: 2026-10-23
On 2026-10-23 researchers reported that an attacker minted unbacked tokens on the Initia L1 and bridged about $2.7M worth of AUSD, USDC and ETH out to Ethereum. Initia halted its L1 and rollups at 15:41:30 UTC (10:41 AM CT) and says it is investigating with security teams, validators and exchanges; its official account has not published a loss figure or root cause. Sources: Initia's halt notice, posted 16:00 UTC (11:00 AM CT) (https://x.com/initia/status/2113661738625155217). Researcher Spreek first reported the mint at 15:27 UTC (10:27 AM CT) and linked the attacker's Ethereum address as…
Other addresses in this report: 0x358ef0130f7a5aa516dcd81bdc80b18cde41cac8