In the era of AI, encryption security is really too difficult to fight! Initia was stolen $2.65 million in 7 minutes! Initia was attacked and the entire L1 and its subsidiary Rollups were forced to shut down. The attacker used a vulnerability to mint tokens out of thin air and transferred approximately $2.65 million in real assets to Ethereum in just over 7 minutes. Eventually, about $2.73 million of the transferred funds were traced on the chain. Hackers printed out asset-backed tokens out of thin air on Initia, while the cross chain bridge continued to redeem real AUSD, ETH, and USDC from its reserves as usual. It's like someone printing fake money in one bank, running to another bank, and successfully exchanging it for real money! Initia has initially pointed the issue to an unknown vulnerability in MoveVM.