Initia Blockchain Attack: $2.6 Million Stolen

An attacker exploited a critical vulnerability in the Initia blockchain protocol. The issue lay in the ability to mint an unlimited supply of new tokens without restrictions.

According to on-chain analytics firm Spreek, the hacker has already withdrawn approximately $2.6 million. Since the withdrawal process is ongoing, the total damage could rise significantly.

The incident highlights the security risks inherent to decentralized networks and underscores the importance of thorough smart contract audits before launching new projects.