A new blockchain network had to hit the emergency brakes after a major hack. On October 23, 2026, the team behind Initia stopped its main computer network. They also paused all linked chains. The shutdown happened after a hacker found a bug in the system. The flaw let the thief create fake tokens out of thin air. The attacker stole about 2.6 million dollars before the network stopped.
Initia is a modular layer-one blockchain. It connects many smaller chains, called rollups. It links them into one smooth system. The project was built to help software developers launch custom apps. Developers use it for gaming, trading, and decentralized finance. The network uses its own main token, called INIT. People use the coin to pay for fees and keep the system safe.
The trouble started on Friday afternoon. A blockchain security watcher named Spreek spotted strange moves on the network. An unknown attacker found a serious flaw in the software code. The bug allowed the hacker to mint an unlimited number of tokens without paying for them. Minting means creating brand new coins on the blockchain.
Normally, a blockchain has strict math rules that limit how many coins can exist. Nobody is supposed to make new coins without following those rules. But the bug let the attacker bypass the safety checks. The hacker printed a huge pile of fake tokens in just a few minutes.
Once the hacker made the fake tokens, they rushed to trade them for real crypto assets. The thief swapped the freshly minted coins for valuable tokens on trading pools. Then the thief moved the money off the Initia network. They used cross-chain bridges to escape. On-chain records show that the attacker sent about 1,135 Ether to a single wallet on the Ethereum blockchain. At current market prices, that pile of Ether is worth more than 2.7 million dollars. Security trackers warned that other stolen funds might still be moving across bridge tools.
To stop the bleeding, the Initia core team stepped in at 3:41 in the afternoon UTC. They worked with network validators to halt the main blockchain. They also froze all connected rollups. When a blockchain
halts, validators stop making new blocks. No one can send coins or make trades until the system restarts. This emergency pause trapped the rest of the fake tokens before the hacker could sell more.
The sudden attack shook confidence among token holders. News of the hack spread fast. The market price of the INIT token saw sharp swings. Worried traders reacted quickly to the uncertainty while waiting for official news. Initia developers confirmed that the network is paused while they look into the exact cause of the bug. The team is working closely with top security firms to inspect the code. They are building a software patch to fix the hole. They have also reached out to major crypto exchanges to flag the hacker’s wallet addresses. The thief might try to send the stolen Ether to a big exchange. If they do, the exchange can freeze the cash.
White-hat security researchers are also tracking the stolen Ether on the public ledger. In many recent hacks, teams have offered a small reward. The hacker gets to keep a cut if they return the stolen funds. It is not yet clear if Initia will offer a bounty deal.
As of today, Initia has not shared a final number for the total losses. They have also not announced when the blockchain will turn back on. Before restarting the network, engineers must close the minting loophole. They also have to check every rollup to make sure user balances are safe. This event serves as a tough reminder that young blockchain networks face serious code risks.