Initia's blockchain and rollups have been offline since Friday due to a security breach where an attacker exploited a MoveVM bug to mint and bridge out approximately $2.7 million in tokens, including AUSD, ETH, and USDC. The attacker used LayerZero adapters on Ethereum to cash out the funds quickly before the chain was paused. Initia's co-founder confirmed the issue is a Day 0 bug in their MoveVM on CosmosSDK, affecting bridged tokens but not native INIT tokens. Agora, issuer of AUSD, clarified that the minted tokens were bridged representations and that AUSD itself remains fully backed and unaffected. The team is still assessing the full impact and has not announced a restart date for the network.
Initia's security breach and network halt provide context for cryptocurrency market activity on Pluang. For readers following crypto assets, here is Pluang's market snapshot as of Oct 24, 2026 09:02 WIB: out of 50 major cryptocurrencies, 14 rose and 35 fell today. Notably, SXP dropped sharply by 46.27% to Rp37, contrasting with BAL which rose 11.14% to Rp16,297, and EOS which gained 8.13% to Rp12,649. Typical hold times on Pluang range from 85 to 94 days for these assets.
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