Initia L1 Multiple Rollup Cross-Chain Asset Custody Accounts Report Unauthorized Transfers; Mainnet Emergency Pause Activated

On November 10, Initia announced that at 06:18 UTC, after detecting unauthorized transfers from multiple Rollup cross-chain asset custody accounts on the L1 mainnet, the team coordinated with validators to suspend L1 network operations to prevent further losses.

Preliminary investigations suggest the attacker likely forged IBC cross-chain transfers using leaked Rollup infrastructure keys. Before the network suspension, approximately 605,000 USDC was withdrawn from Initia through Noble, along with about $10,000 worth of other tokens, totaling roughly $615,000.

Initia noted that most of the remaining assets transferred from the custody accounts remain on the suspended L1 network. The team is working with security firms, validators, and exchanges to investigate the scope of the incident, and will provide additional information later.