Initia exploiter shifts over $2.7 million in ETH seconds after network halt

An address tied to the Initia exploit sent about 1,135 ETH, worth over $2.7 million, to a second Ethereum wallet on Friday; Initia halted its Layer 1 chain and rollups at 15:41:30 UTC, five seconds before the transfer settled. Analyst Spreek raised the alarm at 15:27 UTC, saying tokens were created without backing and bridged out to drain the bridge contract; co-founder Ezaan Mangalji believes a software flaw let the attacker create tokens and move them out. AUSD issuer Agora froze the attacker’s first Ethereum address at 16:31:59 UTC after 1.4 million AUSD and about 1 million USDC were swapped into ETH via 1inch. Upbit suspended INIT deposits and withdrawals at 15:57 UTC.