Initia's layer 1 blockchain and associated rollups have been offline since 11:41 a.m. ET, with no estimated restart time announced. Co-founder Zon identified a flaw in the MoveVM as the likely cause of the outage.
Before the network pause, approximately $2.7 million worth of AUSD, ETH, and USDC were minted and bridged out, according to early reports from the Initia team. The incident raises concerns about the security and stability of Move-based infrastructure as the ecosystem continues to grow.
Initia Network Down Since 11:41 AM ET; Co-founder Blames MoveVM Flaw After $2.7M Bridge Outflow
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