to the best of our knowledge so far, this is a Day 0 bug related to Initia's MoveVM on CosmosSDK that allowed the exploiter to mint additional tokens on the Initia L1 but does not apply to native INIT tokens. the attacker was able to mint and bridge out ~$2.7m worth of AUSD, ETH, and USDC before the chain was paused.

hi mr. mosby, the initia team has been running an experiment -> incubate -> scale playbook across a few categories both in crypto and AI Claude has made the "experiment" step much faster, so we've built tons of MVPs and scrapped many if we like something, we move to "incubate". we put together a team to build out the business, typically a mix between initia contributors and external folks who have a particular passion or strength for that business some of the public incubations: @TradeOnStrat: full-stack prop trading, best terms in the market @init_ai: undisclosed humanoid project @GlyphUniverseAI: write a prompt to fight others @usebetbot: bet on tickers on the TL along with a handful more that remain [redacted] now all of these are relatively new, having been launched just a month or so ago. Yet some of them are showing signs of traction from metrics and user feedback. for those that do (like Strat) we now begin the arduous task of "scaling" the business aided by our treasury you might notice, not all of these are appchains... we still believe they lead to highest value capture but have drawbacks on distribution if you don't have it already Each incubation has a path to using initia infra if certain metrics are hit and all of them will have a portion of rev flow back to initia. in terms of the core initia infra business line, we continue to make product improvements, will have some tokenomics updates, and have a couple more onchain game clients coming online ultimately, I believe dogfooding the infra through incubations yields the highest chance of winning overall, so that's where we're focused

Initia remains an application’s final destination but the path to get there has changed. Over the past months we've re-oriented the team's efforts towards building first-party applications (who could have guessed!). These range from full-scale products to onchain social experiments to robotics and also include a few incubations that mix internal and external contributors. Earlier in the year when the market we built for rapidly shrunk, we got CCd and continued down the wrong path. The ~ motion ~ needed to be restored. Now tenacity is up 100% and we have 8️⃣ in-development projects (all of which I expect to launch before EOY, starting with the first next week). Some of these will work and some might not and that's ok because we we will keep trying to win. I still believe apps will look to vertically integrate and capture net new revenue through their own chains. It has never mattered less which chain your app is on due to rapidly improving onboarding experiences (see: fomo, polymarket, robinhood). Yet the sheer number of apps that could take advantage of the benefits of this approach has dwindled and many continue to reduce the components that live onchain which in turn reduces sequencer revenue. The Initia infrastructure business remains active and continues to be improved upon (fiat onramps and fast deposits launch this month!) but the majority of our efforts lie in building out new business lines that can generate revenue, obtain users, and eventually graduate to initia’s infrastructure once they hit certain milestones or reach a certain scale. All of these businesses will direct revenue to INIT and you can expect more updates on buybacks, emissions, branding, and product launches over the next weeks. scaling and stacking, zonathan

we've been quiet at @initia for the past months cuz we're a late game scaling champ and just got boots and refillables the market we built for didn't materialize but we haven't adjusted our beliefs, we have instead adjusted our strategy to success more to share next week!