On October 23, 2026, Initia suspended its layer-1 blockchain alongside its rollups. The network shutdown occurred at 3:41 p.m. following findings published by security researchers.
An attacker generated tokens without permission through an exploit and drained over $2.6 million in assets. Blockchain sleuths noted that the stolen funds were subsequently moved to Ethereum.
The incident was reported by staff writer Nate Kostar and edited by Robert Lakin. Broader market assets, including Bitcoin at $80,949.08 and Ethereum at $2,381.61, were recorded alongside the report.
For traders holding perpetual futures positions, this exploit changes nothing directly regarding standard funding rates or holding fees. Unless exchanges act to pause trading or alter margin rules for related derivative pairs, existing position costs remain completely unaffected.
Source: cointelegraph — Initia halts blockchain after exploit reportedly drains over $2.6M