Wu has learned that Initia has released details of its investigation into the October 23 security incident, confirming that attackers exploited a vulnerability in its MoveVM script cache to bypass security checks and artificially inflate their holdings of unbacked WETH, iUSD, and USDC by falsifying state data. Before the network was urgently suspended, the attackers transferred approximately $2.7 million in assets through LayerZero, Noble, and CCTP cross-chain transactions, subsequently converting it into 1,135.52 ETH. Currently, Initia L1 and its Rollups remain offline for maintenance. The team is working on vulnerability remediation, security audits, and asset recovery, and plans to release a full post-incident report later. https://www.(wublock123.com)/news/initia-security-incident-movevm-exploit-270k-dollar-theft-70646