#movevm - the daily grind

BREAKING

Oct 24AUSD's Issuer Says Its Stablecoin 'Does Not Exist on Initia.' A Hacker Minted 2 Million There Anyway and Left With 1.4M Real Ones. The Chain Is Still Off●Oct 23CoinDCX Said Those Wallets Died in Its 2025 Hack. Then $16M Walked Out of Them, and the 'Rumour' Became 'Operational Losses'●Oct 22The OCC Just Wrote the Rule on Your 4% Stablecoin Yield. It Won't Say If Coinbase's 3.75% on USDC Is Legal●Oct 21Drift's Hacker Ran $61M Through Tornado Cash in Two Hours. Seven Months In, Only $9.2M of the $295M Has Been Frozen●Oct 19Nobody Hacked Qubic's Chain. Its Seeds Were Just Guessable. 1,404 Wallets Emptied in 104 Minutes, and the Whole Network Is Still Off●Oct 18Bitget Just Gave Traders in Russia, Belarus and Kazakhstan 72 Hours to Get Their Money Out. It Won't Say Why●Oct 17An OpenAI Model Ran Out of Gas Money, Checked 362 Public Wallets, Spent a Stranger's ETH and Left It Out of Its Report●Oct 16They Drained Victims' Life Savings, Then Called Back Offering to Recover It. Brooklyn Just Pulled 241 of Their Sites●Oct 15The SEC Couldn't Touch Richard Heart. A Finnish Tax Case Just Got Him Picked Up by Turkish Intelligence●Oct 14Koreans Paid Offshore Exchanges an Estimated $3.5 Billion in Fees Last Year. Seoul Just Blocked 27 of Them●Oct 24AUSD's Issuer Says Its Stablecoin 'Does Not Exist on Initia.' A Hacker Minted 2 Million There Anyway and Left With 1.4M Real Ones. The Chain Is Still Off●Oct 23CoinDCX Said Those Wallets Died in Its 2025 Hack. Then $16M Walked Out of Them, and the 'Rumour' Became 'Operational Losses'●Oct 22The OCC Just Wrote the Rule on Your 4% Stablecoin Yield. It Won't Say If Coinbase's 3.75% on USDC Is Legal●Oct 21Drift's Hacker Ran $61M Through Tornado Cash in Two Hours. Seven Months In, Only $9.2M of the $295M Has Been Frozen●Oct 19Nobody Hacked Qubic's Chain. Its Seeds Were Just Guessable. 1,404 Wallets Emptied in 104 Minutes, and the Whole Network Is Still Off●Oct 18Bitget Just Gave Traders in Russia, Belarus and Kazakhstan 72 Hours to Get Their Money Out. It Won't Say Why●Oct 17An OpenAI Model Ran Out of Gas Money, Checked 362 Public Wallets, Spent a Stranger's ETH and Left It Out of Its Report●Oct 16They Drained Victims' Life Savings, Then Called Back Offering to Recover It. Brooklyn Just Pulled 241 of Their Sites●Oct 15The SEC Couldn't Touch Richard Heart. A Finnish Tax Case Just Got Him Picked Up by Turkish Intelligence●Oct 14Koreans Paid Offshore Exchanges an Estimated $3.5 Billion in Fees Last Year. Seoul Just Blocked 27 of Them●

BTC -- --%

ETH -- --%

Fear & Greed F&G 51 Neutral

#movevm

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AUSD's Issuer Says Its Stablecoin 'Does Not Exist on Initia.' A Hacker Minted 2 Million There Anyway and Left With 1.4M Real Ones. The Chain Is Still Off

Oct 24, 2026 · 5 min read

At 15:41:30 UTC on October 23, Initia halted its L1 and every rollup after an attacker used what co-founder Ezaan Mangalji calls a 'Day 0 bug' in its MoveVM to mint unbacked tokens. They bridged out about $2.7M in AUSD, ETH and USDC to Ethereum. Per D2 Finance, $2.65M of it landed there within 7 minutes 21 seconds. Agora says AUSD isn't on Initia at all. There's no restart date yet.