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A hacking attack exploited an unlimited token minting vulnerability on the layer-one network Initia, with more than $2.6 million stolen so far and a risk of further losses, according to Unfolded.
Unfolded said forged token-minting transactions were identified on the Initia blockchain explorer, and the hacker’s Etherscan address was also disclosed. Initia’s total value locked stood at about $5.9 million, while INIT’s market capitalization was estimated at about $28 million.