Security concerns dominated crypto news on October 22-23, 2026, as a layer‑1 exploit forced a network halt and an Ethereum testnet upgrade was postponed over gas‑related risks; broader market sentiment was also hit by a spike in oil prices and policy moves on blockchain adoption.
Initia network halted after token minting exploit
Initia paused its layer‑1 network on October 23 at 15:41 UTC after researchers reported unauthorized minting of tokens and estimated losses in excess of $2.6 million. According to reporting by D2 Finance, the attacker minted 2 million AUSD without collateral, then bridged AUSD, USDC and Ethereum (ETH) to the Ethereum network and accumulated roughly 1,135.5 ETH, valued at about $2.73 million. Initia has not yet confirmed the full extent of losses or the root cause. On October 23 the native token INIT fell to roughly $0.115 before recovering above $0.15.
Ethereum Foundation postpones Hoodi testnet fork over gas risks
The Ethereum Foundation announced on October 22 that the Glamsterdam hard fork on the Hoodi testnet, initially scheduled for October 26, has been postponed because of concerns related to gas‑handling changes. Security firm ChainSecurity warned that two proposed EIPs, numbered 8037 and 8038, weaken protections against "insufficient gas griefing" attacks and on October 23 identified 13 smart contracts that would be directly affected. The Hoodi delay raises questions about the timing of a possible mainnet upgrade that had been under consideration for early December.
Bitcoin Core tightens vulnerability disclosure amid AI findings
On October 22 Bitcoin Core, via developer Antoine Poinsot, introduced a revised security policy in response to the increased ease with which language models can detect certain bug types. The policy states that vulnerabilities easily identified with minimal effort will be patched immediately across all supported versions, with low‑severity issues publicly disclosed two weeks after a fix is applied. Medium‑ and high‑severity vulnerabilities will be disclosed two weeks after the end of support for the final affected version.
Oil price rise adds pressure to markets
Brent crude closed at $116.72 per barrel on October 23, marking a six‑month high and a third consecutive weekly gain, while WTI traded slightly above $103. Reports cited potential U.S. and Israeli strikes against Iran following the November 3 elections and Saudi Aramco evacuating its Dhahran headquarters on October 22 as contributors to tightness in markets. U.S. gasoline prices were reported at $4.29 per gallon on October 23. Elevated energy prices were noted as a headwind for risk assets across markets.
China lays out five‑year plan for national blockchain network
China’s Central Cyberspace Affairs Commission released a five‑year digital development plan on October 23 that aims to have a national blockchain network largely completed by 2030. The plan highlights applications in trade and finance for the Yangtze River Delta and in industry and agriculture across the Chengdu‑Chongqing region. Mainland China continues to prohibit crypto trading and related businesses while promoting blockchain technology as a strategic priority.
Cardano treasury vote seeks funds for tokenised copper reserve
Toto Finance submitted a proposal on October 23 requesting 22 million ADA, around $5 million, from the Cardano treasury to create a reserve of tokenised copper. Voting closes on November 15. The proposal notes that if the entire budget is deployed and ADA’s price remains stable, copper would need to rise about 49.4% for the capital to be recovered; Toto could receive up to 3.36 million ADA under the plan. The request would represent more than half of Cardano’s 500 million ADA withdrawal limit.
Taken together, the day’s headlines reflected a focus on security and infrastructure, ranging from a live exploit and a delayed Ethereum fork to updated disclosure rules for Bitcoin Core, while macro drivers such as rising oil prices and national blockchain plans continued to influence market sentiment and protocol proposals.