NewsSignals AI analysis·PANews·
Initia Discloses MoveVM Cache Exploit That Drained ~$2.7M
Grade Abearish AI signal$INIT
Initia disclosed that attackers exploited a MoveVM script-caching vulnerability at 22:59 UTC+8 on October 23, bypassing security checks and forging MoveVM state to credit themselves with unsupported WETH, iUSD and USDC.
Initia said this was not token minting: total supplies of the affected tokens did not change, and INIT was not newly issued. Before the network was paused, attackers moved about $2.7 million in assets cross-chain, including 105 WETH and about 1.4 million AUSD0 via LayerZero, plus about 1.08 million USDC via Noble and CCTP.
The assets were subsequently swapped for 1,135.52 ETH, which Initia said is held at Ethereum address 0x358ef0130f7a5aa516dcd81bdc80b18cde41cac8. The L1 and Rollups remain paused. Initia expects security fixes to be completed and audited within days, while recovery efforts continue with security partners; a full post-mortem is planned.
Bullish strength: 18/100
- No additional INIT was minted, and total supply remains unaffected
Bearish strength: 82/100
- MoveVM cache vulnerability exploited, undermining security trust
- Attacker has transferred approximately $2.7 million in assets
This is automated NewsSignals analysis of third-party reporting, not independent original reporting or investment advice. AI scores are not price predictions.