Initia Foundation Steps In: Full Asset Recovery Plan Following Security Incident
On October 28, Initia officially announced that with the direct backing of the Initia Foundation, all assets affected by the October 23 security incident will be fully restored on a 1:1 basis once the blockchain network resumes operation. This ensures users bear no loss from the event.
Funding Approved to Cover Collateral Shortfall
To ensure the over-collateralization of the stablecoin iUSD, the foundation has approved a dedicated fund to cover the shortfall in its collateral reserves. The funds will primarily address gaps in the following assets:
- Noble USDC: Up to approximately 1.08 million tokens
- WETH: Up to approximately 105 tokens
- AUSD0: Up to approximately 1.4 million tokens
The announcement clarified that these figures represent the maximum estimated amounts involved. The exact sums are subject to rigorous on-chain data verification and audit processes. All fund transfers will be executed upon receiving final approval.
Next Steps and User Protection
The primary goal of this move is to immediately restore system integrity and user asset integrity upon the restart of the Initia network. The foundation emphasized that all processes will be transparent, ensuring accurate compensation. Users are not required to take any action; their asset claims will be automatically honored.
This response demonstrates the project's principle of prioritizing user asset safety when handling unexpected risks. Market observers note that a clear financial compensation plan helps stabilize community confidence and lays the groundwork for the network's smooth recovery.