KillChain 🪢

🇰🇷 | OG & Ambassador @initia | Crypto researcher & lover

[Initia 🪢 @initia]

At 14:59 UTC on October 23rd, an attacker exploited a bug in Initia MoveVM’s script caching that allowed malicious code to bypass security checks. The attacker artificially spoofed the MoveVM state, thereby crediting themselves with unbacked WETH, iUSD, and USDC tokens without changing the corresponding token’s total supply. No native INIT was minted, and the total INIT supply is unaffected.

Before the network was halted, the attacker bridged out roughly $2.7M, comprising of 105 WETH and ~1.4M AUSD0 via LayerZero along with ~1.08M USDC via Noble and CCTP. The tokens were swapped for 1,135.52 ETH and currently sit in 0x358ef0130f7a5aa516dcd81bdc80b18cde41cac8 on Ethereum Mainnet.

We are actively working on a security fix to patch the identified vulnerability. We expect this to be completed and audited in a few days. Additionally, asset recovery efforts are ongoing with the help of security partners.

The Initia L1 and Rollups remain halted as we work toward a resolution. We hope to safely resume network operations as soon as possible and will provide a full post-mortem once available. In the meantime, we will continue to share verified updates through our official channels.

Please remain cautious of unofficial links, messages, or claims.

[zon 🪢 @ItsAlwaysZonny]

to the best of our knowledge so far, this is a Day 0 bug related to Initia's MoveVM on CosmosSDK that allowed the exploiter to mint additional tokens on the Initia L1 but does not apply to native INIT tokens.

the attacker was able to mint and bridge out ~$2.7m worth of AUSD, ETH, and USDC before the chain was paused.

[KillChain 🪢 @killchain]

@kamigotchiworld @CabalFDN @initia king

[Kamigotchi @kamigotchiworld]

Yominet is the largest briber on @CabalFDN this epoch

Why?

Because this bribe of $1670 translates to ~$20k in esINIT awards for our players. That's 12x leverage. We get to crank up emissions in Kamigotchi World on @initia's (token) tab

So we're making it rain. We getting $INIT

[KillChain 🪢 @killchain]

@jb0x_ 라떼는말야!

[KillChain 🪢 @killchain]

@auz2or 진짜 지랄도 야랄이다!

[SeongSuː성수 @kss4319]

Opinion : Web3 games aren't fun if they don't make money

This doesn’t only apply to games.

Even with TCGs, the moment that brings the most joy and the biggest dopamine hit is when a high-value card comes out of a pack.

The era of playing games purely for fun is long gone.
This isn’t limited to Web3. Even in Web2 games today, many people start playing after calculating the value of items and the potential earnings they can generate (not just mobile games, but PC MMORPGs as well).

In my case too, if there’s no profit, I don’t even try to take interest. Only when there’s profit do communities become interested. That’s how players gather, guilds are formed, and people combine their ideas to build strategies and playstyles.

Can we really play games purely for fun, without thinking about value, like we did when we first played games as kids?
I think the answer is NO.

For me, the real enjoyment in games comes from researching strategies together with community members and playing according to those strategies.
The most satisfying moment is when everything goes as planned and generates significant profits.

What about you?
Can you still enjoy playing Web3 games even if there’s no profit?

[KillChain 🪢 @killchain]

@TradeOnStrat Strat

[KillChain 🪢 @killchain]

@kss4319 @kamigotchiworld
Keep an eye on this
I’m serious

[KillChain 🪢 @killchain]

@BirthdayBoi Congratulations BB & BD!!

[KillChain 🪢 @killchain]

@GlyphUniverseAI @0xJESSIE_ @ollstar41 @kkleyn1 @skippo2007 @PrinceYahito Thanks!! Glyph!!

[BirthdayBoi @BirthdayBoi]

| Glyph Universe explained by Jessie https://t.co/eJvfCxSeUe

[KillChain 🪢 @killchain]

@0xvietnguyen @TradeOnStrat 👀

[KillChain 🪢 @killchain]

👁👁 @TradeOnStrat

[viet @0xvietnguyen]

PerpDEX Projects

[KillChain 🪢 @killchain]

@sikiri0 질리카가 근본 머시기라고 얼핏 들었던거 같은데...
이렇게... ㅠㅠ

[KillChain 🪢 @killchain]

Is Initia finally launching something that aligns with the AI trend?!

[Jeff @0xPortola]

We are hiring for a regional lead in LATAM for our [redacted] project @init_ai

Link to JD + and instructions on how to apply can be found here:
https://t.co/cQYEVmEWr7

[zon 🪢 @ItsAlwaysZonny]

hi mr. mosby,

the initia team has been running an experiment -> incubate -> scale playbook across a few categories both in crypto and AI

Claude has made the "experiment" step much faster, so we've built tons of MVPs and scrapped many

if we like something, we move to "incubate". we put together a team to build out the business, typically a mix between initia contributors and external folks who have a particular passion or strength for that business

some of the public incubations:
@TradeOnStrat: full-stack prop trading, best terms in the market
@init_ai: undisclosed humanoid project
@GlyphUniverseAI: write a prompt to fight others
@usebetbot: bet on tickers on the TL
along with a handful more that remain [redacted]

now all of these are relatively new, having been launched just a month or so ago. Yet some of them are showing signs of traction from metrics and user feedback.

for those that do (like Strat) we now begin the arduous task of "scaling" the business aided by our treasury

you might notice, not all of these are appchains... we still believe they lead to highest value capture but have drawbacks on distribution if you don't have it already

Each incubation has a path to using initia infra if certain metrics are hit and all of them will have a portion of rev flow back to initia.

in terms of the core initia infra business line, we continue to make product improvements, will have some tokenomics updates, and have a couple more onchain game clients coming online

ultimately, I believe dogfooding the infra through incubations yields the highest chance of winning overall, so that's where we're focused

[KillChain 🪢 @killchain]

@0xJESSIE_ ㄱㅡ...?

[KillChain 🪢 @killchain]

@0xTokedo OMG...
This is absolutely insane