The attacker exploited a MoveVM script caching bug at 14:59 UTC on October 23rd, spoofing the VM state to credit themselves unbacked WETH, iUSD, and USDC without altering total supplies. No native INIT was minted. Before the halt, roughly $2.7M was bridged out: 105 WETH and about 1.4M AUSD0 via LayerZero, plus roughly 1.08M USDC via Noble and CCTP. The funds were swapped for 1,135.52 ETH and sit in an Ethereum Mainnet address. Initia says a patch is expected within days, with recovery efforts underway and a post-mortem to follow.

AI summary of the linked source — not editorial content.

Story signal · how it spread on X · via Elfa

as of
Spread
i
Distinct X and Telegram accounts Elfa counted behind this story’s reports, summed over the thread. Not posts, not impressions.
46 accounts

first post
Leviathan +18.3 h later

INIT reaction
i
Price change from the first post to 24 hours later (Hyperliquid). BTC over the same window is shown so a market-wide move is not mistaken for a reaction to this story. Not advice.
+14.7% 24h after post

$0.1260 → $0.1446
BTC −1.2% same window

INIT attention
i
Share of crypto chatter on X this week versus the week before (Elfa mindshare, weighted by who posts). A spike means the story pulled attention; it says nothing about price.
22× vs prior 7d

0.088% of crypto chatter · rank #113
last 24h +2,542.0%

Thread · 3 events · 1 mitigation · last update 23 Oct 17:13
  1. First reportInitia chain hacked through infinite token minting, with $2.6 million withdrawn33 acc.
  2. UpdateInitia halts its L1 and rollups after a security incident11 acc.
  3. MitigationAgora freezes AUSD linked to the Initia attacker after a $1.4 million swap2 acc.
  4. Leviathan published this article

All times UTC.

Cited posts

  • @spreekaway SpreekFirst reportOn X ↗

    Initia chain hacked and a bunch of tokens infiniminted. Hacker has cashed out $2.6m thus far with more in flight

  • @cryptounfolded unfolded.On X ↗

    Hacker infinite-mints tokens on Initia Chain, withdraws $2.6 million so far

  • @bitcoinduke BitdukeOn X ↗

    remember initia blockchain? the feed-the-dogs campaign? anyone? well, the news is... it got hacked apparently, an attacker exploited an infinite-mint vulnerability to fake tokens, bypassing the normal supply restrictions those freshly minted tokens were then swapped for real… https://t.co/1dI0SGcGzu

Show 3 more cited posts
  • @AxelBeastt Axel BeastOn X ↗

    . @initia had to halt its L1 and rollups after someone minted unbacked tokens.@Bitquery_io traced about $2.73M paid out from real bridge reserves. That's the scary part to me. You can print fake assets on one chain and walk away with real ones from another.

  • @beincryptoOn X ↗

    ALERT: INITIA CHAIN REPORTEDLY DRAINED OF $2.6M IN INFINITE MINT EXPLOIT Attackers have allegedly cashed out roughly $2.6 million so far, according to initial investigations by on-chain analyst @spreekaway Because some of the exploited funds are still in the process of being…

  • @bigrkg Rajat GahlotOn X ↗

    $2.7M printed out of thin air in one go. That's what a hacker did on Initia tonight, then moved it out before the team could react. Initia switched off its entire network tonight after a bug let an attacker create ~$2.7M in tokens out of thin air and move it out before anyone… https://t.co/lj7JgzYVS5

40 more accounts posted about this · 5 Telegram channels (no public link)

TradersTrader calls tracked by Elfa · not advice

Positioning · INIT

Open6 open positions · 3 long · 3 short

Tracked accounts lean long about 97% of the time, so a long-heavy book is normal, not a signal. As of 23 Oct 22:24 UTC.

Reaction since the first post

Since 23 Oct 15:27 UTC4 calls opened · 1 long · 3 short

Whole crypto market, not this story

Crowding18th percentile · vs last 28 days, 50 typical
Pulse 24h15/100 · unusualness of new calls, 0–100, 50 typical, higher means more long than usual
Book97.3% long · 10,903 accounts

As of 24 Oct 09:40 UTC.

Social-monitoring data, not investment advice Elfa prices Hyperliquid post text from Xas of

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