Initia L1 Suspends Block Production, Approximately 605,000 USDC Flows Out

The Initia L1 network suspended block production at 14:18 Beijing time on November 10 as a protective measure. This decision was made in coordination with validators after unauthorized transfers were discovered in the Initia L1 custody account holding cross-chain assets to multiple Rollups. Preliminary investigations indicate that attackers exploited leaked Rollup infrastructure keys to forge IBC transfers, resulting in approximately 605,000 USDC flowing out of Initia via Noble, along with about $10,000 in other tokens. Currently, most of the remaining assets in the custody account are still on the suspended L1. The team is working with security teams, validators, and exchanges to determine the full scope of the impact.

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