EL7.AI
CryptoMedium•10 November 2026•
2 min read

Initia Hack Moves About $605,000 in USDC Before Layer 1 Halt

Key Facts

1Initia halted its Layer 1 network at 06:18 UTC on November 10 as a precaution after unauthorized transfers.
2A CoinNess report estimated that about $605,000 in USDC and about $10,000 in other tokens left through Noble.
3A KuCoin bulletin reported that INIT rose 74.22% in 24 hours and reached 0.244 USDT on November 10.
4EL7 reported a separate incident in October in which transferred assets were estimated at about $2.7 million.

Initia halted its Layer 1 network at 06:18 UTC on November 10 after unauthorized transfers from an escrow account, according to a CoinNess report. The report said the halt was a precautionary measure following the transfers. About $605,000 in USDC, along with about $10,000 in other tokens through Noble, was estimated to have left the network. These figures indicate that most of the reported transferred funds were in the stablecoin. The report did not include a confirmed estimate of final total losses.

CoinNess cited the preliminary investigation as saying the attacker carried out forged IBC transfers using a compromised key for the rollup infrastructure. This account remains attributed to the report, which gave the preliminary investigation’s findings. According to the report, the funds mentioned left through Noble before the network halted. Most of the remaining assets transferred from the escrow account appear to have remained on Layer 1 after it was suspended. The report thus distinguished between funds that left the network and those that remained on it at the time it was observed.

In market action, a brief KuCoin bulletin attributed to ChainThink said INIT rose 74.22% in 24 hours on November 10, reaching 0.244 USDT. The bulletin linked the price move to its timing alongside the security incident. The move put the token on an upward trajectory during the period in which the network was halted, according to the figures reported by the platform. The data cited here do not explain the price move or provide trading-volume details. This came while the network was halted, according to the halt time reported by CoinNess.

EL7 previously covered a separate Initia incident in October, during which assets estimated at about $2.7 million were reported transferred. EL7’s record cited the incident on 2026-10-23 and also listed another report about it dated 2026-10-26. That incident differs from the transfers reported by CoinNess on November 10 in both date and estimated value. On November 9, a KuCoin bulletin reported that Initia had temporarily halted affected rollup networks while investigating an infrastructure issue, while Layer 1 remained online at the time. CoinNess then reported the Layer 1 halt at 06:18 UTC the following day.