HackFraudInitia blockchain exploit via fake tokens
Published: 26 Oct 2026 · Worldwide
On Oct 23, an attacker on the Initia chain minted ~$7.48M in unbacked fake tokens (USDC, AUSD, ETH copies) in 13 seconds. These were bridged, draining ~$2.73M in real assets from bridge reserves (e.g., Noble USDC reserve dropped from $1.09M to $63). Funds converted to 1,135.5 ETH in one wallet. Chain halted; Kraken paused INIT transfers. Reported today with on-chain analysis.
Who is at risk
Anyone who uses social media, email or messaging apps
How to protect yourself
- Do not click links in unexpected messages, posts or direct messages.
- Check the sender or account through the official website, not through the message.
- Never share passwords, codes or recovery phrases.
Source: Community reports (hackfraud.com)
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