Initia halts network after security incident

Initia halted its layer 1 blockchain and rollups on Friday following a security incident. Blockchain researcher Spreek estimated the attacker cashed out roughly $2.6 million, while onchain data shows a single transfer of approximately 1,135 ETH worth more than $2.7 million. The native INIT token initially fell 14% before reversing losses to trade 14% higher on the day.