According to Initia, on November 9, approximately $3.27 million in assets were transferred to an attacker's address after cloud access credentials were compromised. The attacker forged IBC withdrawals across five Rollups, with around $2.16 million remaining on the suspended L1. Attackers successfully transferred 13,400 TIA, 8,000 USDC.inj, and 597,000 Noble USDC across chains before hitting IBC outbound limits. No INIT tokens were removed from Initia. The platform plans to fully replenish affected reserves and is rebuilding compromised infrastructure with tightened access controls and strengthened on-chain IBC validation. Recovery is expected to take longer than standard network restarts, with no timeline disclosed yet.

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