Binance Labs-backed Initia hacked again, $3.3M lost in three weeks

Initia suffered its second exploit in under three weeks, bringing combined losses to roughly $3.3 million—more than the Binance Labs-backed chain's remaining total value locked. The fresh incident follows an earlier hack on the network, compounding pressure on a project whose TVL now sits below the cumulative amount drained. The losses exceed what is left locked on the chain, a striking ratio for a network that had positioned itself as a modular rollup hub. Watch for a post-mortem on the second exploit and any sign of depositor flight, which would further shrink TVL and test confidence in Initia's security model.