Agora Freezes Ethereum Address After Attacker Converts $2.6M in Initia Exploit to ETH

Stablecoin issuer Agora froze an Ethereum wallet tied to the Initia exploit after an attacker converted 1.4 million AUSD and about 1 million USDC into Ether. Initia halted its Layer 1 network and rollups following an infinite mint exploit that drained bridge liquidity. The exploiter moved roughly 1,135 ETH, valued between $2.6 million and $2.7 million, to a secondary wallet immediately after the shutdown. Agora noted its contracts are not on Initia and the freeze occurred after the swaps concluded. Exchange Upbit suspended INIT deposits and withdrawals while spot trading continued.