Initia Halts L1 and Rollups After Reported Mint Exploit

Initia halted its L1 and rollup chains after a reported mint exploit. Analyst Spreek estimated about $2.6 million was cashed out, and Ethereum records show stablecoin swaps followed by a 1,135.5 ETH transfer. A chain-wide halt on a live network is a serious security event, and traders holding INIT or using its rollups face frozen activity and possible losses.