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Initia Exploit Drains $2.7M After MoveVM Bug Allows Unauthorized Token Minting

Initia is working to patch a critical vulnerability after an attacker exploited its MoveVM implementation to create unbacked assets and bridge roughly $2.7 million out of the network.

The modular blockchain halted both its Layer 1 and associated rollups on October 23 after detecting the security incident. Initia later said the attacker had abused a bug in MoveVM's script caching mechanism, allowing malicious code to bypass security checks and manipulate the state seen by the virtual machine.

The incident affected wrapped and bridged assets rather than Initia's native INIT token, according to the project.

Initia Halts L1 and Rollups After Security Incident

Initia stopped its Layer 1 and rollup networks at 15:41 UTC on October 23 while developers, validators, exchanges and security specialists investigated the incident.

Initial reports from blockchain researcher Spreek suggested that an attacker had found a way to mint assets without authorization and had already moved more than $2.6 million out of the ecosystem.

Initia subsequently provided more detail and confirmed approximately $2.7 million had been bridged out before the network was halted.

The decision to stop both the base network and its rollups prevented further exploitation while developers investigated the vulnerability.

Unlike an exploit confined to an individual decentralized application, the issue affected infrastructure at the virtual-machine level, making the potential impact considerably broader.

MoveVM Script Caching Bug Was the Root Cause

Initia's investigation identified the vulnerability in its implementation of MoveVM on Cosmos SDK.

According to the project's incident update, the attacker exploited a flaw in MoveVM script caching. The bug allowed malicious code to bypass checks that should have prevented unauthorized state manipulation.

The attacker was then able to spoof MoveVM state and credit themselves with assets that were not properly backed.

This is an important distinction from simply minting additional native INIT.

Initia said the exploit did not increase the supply of INIT and did not allow the attacker to mint native INIT tokens.

Instead, the manipulated state resulted in the attacker receiving unbacked representations of assets including WETH, iUSD-related assets and USDC.

The incident therefore exposed a vulnerability in how the execution environment handled state rather than a flaw in the monetary policy of INIT itself.

Attacker Bridges Roughly $2.7 Million Out

Before validators halted the network, the attacker was able to move approximately $2.7 million in assets away from Initia.

Initia said the outgoing funds included approximately 105 WETH, around 1.4 million AUSD0 and roughly 1.08 million USDC. The assets were moved through infrastructure including LayerZero, Noble and Circle's Cross-Chain Transfer Protocol.

The funds were subsequently converted into approximately 1,135.52 ETH and moved to an Ethereum address identified by the project.

The use of cross-chain infrastructure illustrates one of the challenges facing blockchain security teams after an exploit.

Once improperly created assets can be moved to another network and exchanged for liquid assets such as ETH, containment becomes considerably more difficult.

Stopping the compromised chain can prevent additional transactions locally, but it cannot automatically reverse assets that have already reached another blockchain.

Native INIT Supply Was Not Affected

One of Initia's key clarifications following the attack was that the native INIT token itself was not vulnerable to the minting method used by the attacker.

Early descriptions of the incident referred broadly to unauthorized token minting, leading to concerns that the exploit could have compromised INIT's supply.

The project later said that was not the case.

The vulnerability allowed the attacker to manipulate MoveVM state in a way that credited unbacked versions of other assets without modifying the corresponding legitimate token supplies. Native INIT was not minted as part of the attack.

This distinction matters because an exploit capable of arbitrarily increasing a blockchain's native token supply could create considerably wider economic consequences.

The approximately $2.7 million loss remains significant, but the incident did not compromise INIT's underlying issuance mechanism based on the information released so far.

Initia Prepares Security Patch

Initia has since drafted a fix for the vulnerability.

The project said the patch is being reviewed by security partners before the Layer 1 and rollups are restarted.

Rather than immediately bringing the network back online after identifying the root cause, Initia is keeping operations halted while the fix undergoes security auditing. The team has said it will provide a concrete restart plan once those audits are complete.

It is also working with security partners on recovery efforts involving the assets moved during the exploit.

A full post-mortem is expected after the investigation and remediation work are completed.

Why Virtual Machine Bugs Are Particularly Serious

Smart contract exploits usually involve an error inside an individual application.

A vulnerability in a blockchain's execution environment presents a different risk.

Virtual machines are responsible for executing the code used by applications on a blockchain. If assumptions inside that environment can be bypassed, multiple applications or assets may potentially inherit the same weakness.

In Initia's case, preliminary findings indicate that script caching allowed specially constructed code to avoid the expected security checks.

That turned an implementation detail in the execution layer into a mechanism capable of producing economically valuable, unbacked assets.

The incident demonstrates why blockchain security audits cannot stop at application-level smart contracts.

Virtual machines, bridges, cross-chain messaging systems, caching mechanisms and state-transition logic all form part of the security boundary.

Cross-Chain Infrastructure Can Amplify Exploits

The attack also highlights the role bridges can play during security incidents.

The attacker did not simply create unbacked assets and leave them inside Initia.

Those assets were rapidly transferred through cross-chain systems and converted into assets on Ethereum before the network could be stopped.

That sequence reduces the time available for validators and protocol developers to respond.

It also means that security monitoring increasingly needs to operate across several networks simultaneously.

An anomaly beginning on one blockchain may become an Ethereum, Solana or stablecoin issuer problem minutes later if the assets can move through interconnected bridge infrastructure.

Initia Incident Adds to 2026's Blockchain Security Risks

The Initia exploit is another reminder that increasingly interconnected blockchain architectures create new security assumptions alongside their benefits.

Rollups, bridges and modular execution environments allow applications to move assets and data efficiently across networks, but every additional layer introduces code and infrastructure that must behave correctly.

Initia's response limited the exploit by stopping the network, while the project says the vulnerability has now been identified and a patch is undergoing audit.

The next important milestones will be completion of the security review, restoration of the affected assets' backing and the orderly restart of Initia's Layer 1 and rollups.

Until then, the network remains a useful case study in how a low-level execution bug can quickly become a multi-million-dollar cross-chain security incident.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

* This article was originally published here

PrimeXBT Brings Tesla, SpaceX, NVIDIA and More to Crypto Futures with New Tokenised Stocks

Castries, Saint Lucia, October 27th, 2026, Chainwire

PrimeXBT, a global multi-asset broker and crypto asset service provider, has announced a major expansion of its offering, introducing Tokenised Stocks, a new category of Crypto Futures available on its native PXTrader 2.0 platform. The launch gives crypto traders access to price movements linked to some of the world's most prominent companies, bringing opportunities from traditional equity markets into the crypto trading environment.

The new category includes seven USDT-denominated Crypto Futures linked to SpaceX (SPCX/USDT), NVIDIA (NVDA/USDT), Tesla (TSLA/USDT), Circle (CRCL/USDT), Apple (AAPL/USDT), Alphabet (GOOGL/USDT) and Robinhood (HOOD/USDT). Traders can take long or short positions and respond to market developments around the clock, including outside traditional stock exchange hours. The contracts provide exposure to company-linked price movements without ownership of the underlying shares.

“Big Tech remains at the centre of market attention, with AI investment, corporate earnings and growth expectations driving sentiment across global equities. Earnings season in particular can bring significant price movements, as investors reassess company performance and future prospects,” commented Jonatan Randin, Senior Market Analyst at PrimeXBT. “With tokenised stocks, we're opening up new opportunities to crypto traders, allowing them to participate in major equity market trends through a familiar crypto trading environment.”

Alongside Tokenised Stocks, PrimeXBT has added Lighter (LIT/USDT), Monad (MON/USDT), Venice Token (VVV/USDT), Canton (CC/USDT), Stable (STABLE/USDT), JUST (JST/USDT) and Midnight (NIGHT/USDT) to its PXTrader 2.0 lineup of over 170 Crypto Futures, further strengthening the depth and diversity of its offering across DeFi, AI, Gaming, Payments, Layer 1 and 2 networks, blockchain infrastructure, NFTs, Meme coins and the Metaverse. The broker has also introduced new Crypto CFDs on Monero (XMR/USD), Hyperliquid (HYPE/USD) and Zcash (ZEC/USD) on PXTrader 2.0, with corresponding USDT-quoted instruments available on MetaTrader 5.

PrimeXBT has also expanded its blockchain network support with the addition of Arbitrum, Optimism and Base, joining existing networks including Bitcoin, Ethereum, Tron, BNB Smart Chain and Solana. Additionally, the broker has added Tether Gold (XAUT), a tokenized gold asset, to its internal Exchange, expanding its offering of over 50 cryptocurrencies and digital assets.

The expanded offering is supported by flexible crypto funding and crypto-denominated accounts in USDT, USDC, BTC and ETH, allowing clients to trade without converting their holdings into fiat. PrimeXBT offers competitive Crypto Futures fees of 0.01% for makers and 0.045% for takers, with further discounts through its volume-based VIP program. New clients automatically receive VIP 4 status for their first 14 days, reducing Crypto Futures taker fees by 33%, while high-volume traders can unlock fees as low as 0.015% and Bitcoin CFD spreads from $19 at the highest VIP tier.

The launch reflects the growing convergence of crypto and traditional financial markets, bringing a wider range of global market trends into the crypto trading environment. From artificial intelligence and electric vehicles to space technology and digital finance, PrimeXBT continues to broaden trading opportunities beyond digital assets, reinforcing its position as an innovative multi-asset broker connecting markets through one trading ecosystem.

To learn more about the Crypto Futures offering, users can visit PrimeXBT’s website.

About PrimeXBT

PrimeXBT is a global multi-asset broker and crypto asset service provider trusted by traders in more than 150 countries. The platform bridges traditional and digital markets within one integrated environment, redefining versatility and innovation in online trading. Clients can access Forex, CFDs on indices, commodities, shares, crypto, and Crypto Futures, as well as buy, store and exchange cryptocurrencies. This unified experience extends across both the native PXTrader 2.0 platform and MetaTrader 5, supported by advanced risk-management tools and a wide range of funding options in crypto, fiat and local payment methods. Since 2018, PrimeXBT has focused on empowering traders through broad multi-asset access, fair and transparent conditions, professional-grade technology and dedicated human support. By combining expertise, trust and a client-first approach, PrimeXBT sets a benchmark of excellence in the financial industry and provides traders with the tools they need to trade, grow and succeed with confidence.

Disclaimer: The content provided here is for informational purposes only and is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. The Company does not accept clients from the Restricted Jurisdictions as indicated on its website / T&Cs. Some products and services, including MT5, may not be available in your jurisdiction. The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.

ContactPrimeXBTpr@primexbt.com

Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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Ritual Launches AI-Native Layer 1 for Autonomous Agents

New York, United States, October 26th, 2026, Chainwire

Ritual Chain turns AI agents into persistent economic actors that control their own wallets, onchain identity, and private state.

Ritual, a lab for autonomous intelligence founded by former Polychain Capital partners Niraj Pant and Akilesh Potti, has launched Ritual Chain, an EVM-compatible Layer 1. Unlike conventional blockchains built primarily to execute financial transactions, Ritual Chain is designed to support software that can independently use intelligence, control capital, interact with external services, and continue operating without constant human intervention. The network makes AI model access, private computation, and autonomous scheduling native capabilities for EVM applications.

This makes the reason for building a new chain clearer while preserving the technical differentiation.

The most visible demonstration of that combination is long-lived AI agents, the kind designed to operate for months or years rather than a single session. An agent on Ritual Chain persists independently of the machine or operator that created it, controls and spends funds held in its own non-custodial wallet, and can keep sensitive prompts and keys confidential from compute operators through trusted execution environments.

The network launches with integrations to Phala Network, Nous Research, LayerZero and Stargate, following a public testnet that has been live since June and processed over 40 million transactions, both agent- and human-originated. Ritual Chain delivers sub-300 millisecond block times, placing it among the fastest Layer 1 networks in the industry. Ritual Chain includes 15 native precompiles that bring capabilities like LLM inference, web access, and autonomous scheduling directly into the execution layer. The protocol has been audited by Zellic.

Ritual introduces a new execution and verification architecture that allows computationally intensive work to be delegated to specialized nodes and verified by the network, avoiding the replicated execution required by most blockchains. This execute-once, verify-many-times model allows the network to support far larger workloads, including AI inference, without requiring every validator to perform the same computation.

Long Horizon Agents Require Dedicated Blockchain Infrastructure

Most AI agents today live inside a session: they run while a human is watching, on infrastructure someone else controls, with an API key that can be revoked at any time. That is fine for a chatbot. It does not work for an agent meant to manage its own treasury, run a recurring paid service, or coordinate with other agents over long periods. A long-lived agent needs continuity that does not depend on its creator, capital it actually controls, and privacy from the machines it runs on. On Ritual Chain, an agent's state and identity are held onchain, its scheduled work continues within the permissions and budget it was given, and its sensitive inputs can be processed inside trusted execution environments designed to shield them from node operators.

Continuity is handled at the protocol level. If an agent stops, the chain's heartbeat mechanism can restart it within the permissions and budget it was given; no keeper network or off-chain cron job is required, and an agent's state and identity survive beyond its deployer's involvement. Economic autonomy comes from agent-controlled wallets: an agent controls its own funds, prices its own services, and settles its own transactions without a human signer in the loop. For confidential workloads, trusted execution environments are designed to isolate an agent’s sensitive prompts, keys, and strategy data from the node operators running its compute.

“As we move toward AGI, intelligence is beginning to separate from human agency and enter the economy on its own terms. It can hold assets, make commitments, transact, and persist independently. Once that becomes possible at scale, humans are no longer the only entities capable of forming markets or economic relationships. Ritual provides the infrastructure for those actors to exist and operate on their own,” said Niraj Pant, co-founder of Ritual.

Ritual Chain Launches With Core Infrastructure Partners

Ritual Chain launches with its core infrastructure partners in place. Phala Network provides the GPU-backed trusted execution environments that run Ritual's confidential inference, so delegated AI work executes on hardware that attests to what it ran. LayerZero serves as the network's cross-chain messaging layer, with Stargate enabling USDC to move between Ritual Chain and other networks from day one. On the application side, Nous Research is bringing Hermes to Ritual Chain. 

Unlike chains that add AI access through external oracles, Ritual Chain makes AI execution part of the protocol. Smart contracts can call a language model, fetch data from the web, run private computation, or schedule their own future execution as directly as they transfer assets. Developers deploy standard EVM contracts and gain those capabilities without new tooling.

Backed by Archetype and Polychain

Ritual has raised more than $30 million from Archetype and Polychain Capital, with advisors including NEAR co-founder Illia Polosukhin, Gauntlet founder Tarun Chitra, and BitMEX co-founder Arthur Hayes. Archetype led the company’s 2023 round.

“Programmable value and programmable intelligence are the two most important technologies since the internet, and Ritual mainnet is where they finally run on the same rails. When we led the round in 2023, a chain that could execute agentic and autonomous work natively did not exist. Today it does,” said Ash Egan, Founder and General Partner of Archetype.

Developers can deploy from day one on external sites hosted at docs.ritualfoundation.org; the network explorer is at explorer.ritualfoundation.org.

About Ritual

Ritual is a lab for autonomous intelligence. Its first network, Ritual Chain, is an EVM-compatible Layer 1 where applications can use AI models, access external services, and carry out private or scheduled work alongside onchain transactions, with delegated computation executed in trusted hardware and verified onchain. Founded in 2023 by former Polychain Capital partners Niraj Pant and Akilesh Potti, Ritual has raised $30M+ from Archetype and Polychain Capital, with a team drawn from Polychain, DeepMind, a16z crypto, Flashbots, and Palantir. ritual.net

ContactJody RebakRitualjody@ritual.net

Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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Top 3 VIP Platforms for Crypto High Rollers in 2026

For crypto high rollers, there are several things to consider when choosing the right platform to use funds. Can a platform move balances quickly, offer several cryptocurrencies and networks to choose from, and be able to reach an actual person when something goes wrong?

VIP programs have evolved accordingly. Cashback is still common, but the upper end of the market increasingly includes dedicated managers, higher limits, concierge services and crypto infrastructure built for players moving substantial amounts.

Here are three platforms approaching that market in different ways.

1. 1win: Crypto Payments and Infrastructure Meet High-Touch VIP Service

1win combines a 20-level VIP structure with an increasingly crypto-native platform.

The company supports deposits and withdrawals across major assets including BTC, ETH, USDT, TON, TRX, XRP, LTC and DOGE. 1win has said its crypto infrastructure is built to process deposits and withdrawals in under 90 seconds under normal conditions, although actual transfer times can still depend on the blockchain, network conditions and account checks.

At the higher end of its six VIP groups, the focus moves beyond conventional cashback. Benefits include dedicated personal managers, 24/7 assistance, concierge services, closed tournaments and access to private travel and events. That makes the program particularly relevant for players who expect service alongside financial rewards rather than simply a larger promotional percentage.

1win is also pushing further into crypto with its $1WIN token. The Solana-based token is designed for use across gaming, betting, lotteries and rewards. Its planned economics include revenue-funded market buybacks and the burning of 10% of $1WIN spent across supported platform products. The token’s smart-contract infrastructure has also undergone independent security assessments from CertiK and Halborn.

The token is not necessary to use 1win, but it gives crypto users another layer of participation within a platform that already operates at scale.

2. Stake: Broad Crypto Support and a Deep VIP Ladder

Stake remains one of the biggest names in crypto gaming and has one of the broader selections of supported digital assets.

Its current crypto payment infrastructure supports BTC, ETH, USDT, USDC, SOL, XRP, DOGE, LTC, BNB, TRX and numerous additional tokens, with some assets available across several networks. USDT, for example, can be transferred using Ethereum, BNB Chain, Polygon, Tron and Solana.

For high-volume users, another notable feature is that Stake says it imposes no maximum crypto withdrawal amount, although particularly large withdrawals can be subject to manual processing.

Its VIP program has more than 15 levels. Players enter at Bronze after reaching $10,000 in qualifying wagering and progress through tiers that add benefits such as rakeback, reloads and eventually dedicated VIP hosts.

That combination makes Stake particularly strong for users who value a wide choice of cryptocurrencies and a well-established, activity-based VIP system.

3. Cloudbet: Strong Coin Coverage and VIP Transfers

Cloudbet takes a slightly different approach, especially for high rollers moving from another platform.

Its supported asset list is extensive, covering BTC, ETH, USDT, USDC, SOL, XRP, DOGE, LTC, BNB, TRON, ZEC, TON, PAXG and numerous other cryptocurrencies. Cloudbet also says 90% of its withdrawals take less than two minutes, while processing times can still vary depending on security reviews and network conditions.

One of its more unusual VIP features is a VIP transfer program. Players with an established high-roller history elsewhere can apply to have that status considered when joining Cloudbet instead of rebuilding their position from the bottom. Accepted users can receive tier placement, a dedicated VIP host and rewards.

Cloudbet also supports more than 30 cryptocurrencies and multiple networks, giving high-volume users considerable flexibility in how they fund and withdraw from their accounts.

Crypto VIP Is More Than Cashback

The differences between these platforms increasingly come down to infrastructure and service. Stake offers particularly broad asset and network support, while Cloudbet combines a large cryptocurrency selection with an interesting route for established VIPs switching platforms.

1win is taking the model toward a wider crypto ecosystem, pairing fast multi-chain payments and high-touch VIP services with the upcoming $1WIN token.

For crypto high rollers, that may be where the competition is heading: not simply bigger bonuses, but faster access to funds, more ways to move them, and platforms built around crypto as part of the experience rather than just another deposit option.

Availability, payment methods and verification requirements vary by jurisdiction, and players should check the applicable rules before using any platform.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

* This article was originally published here

Bitcoin $3,000 reversal: Healthy correction or the start of something bigger?

With the U.S. stock market on the slide again Bitcoin was not able to hold its recent rally, giving back all the gains made on Tuesday and into Wednesday. Was this a standard healthy correction, or could this be the start of a bigger reversal?

If support fails, $BTC price could lose touch with the ascending channel

Source: TradingView

After a quick correction the $BTC price is back holding support at the bottom of the parallel channel. Is the correction over? It could be, but it will depend on whether the channel support holds. If it doesn’t, there is horizontal support at $81K, and then at $80,300. If these fail, the $BTC price could very well lose touch with the ascending channel and a target in the low $70K range could be on the table.

One important thing to bear in mind if a short-term trader is that the S&P 500 is opening almost a full percentage point down as per the futures chart. This is depressing the stock market, which is bound to also affect the crypto market.

The indicators at the bottom of the chart could save the day. The Stochastic RSI indicators are bottoming and could signal a bounce soon. While the RSI indicator has come back to retest the descending trendline. This trendline goes back about a month, so it should be fairly reliable support. A bounce here is also quite likely.

Channel bottom and 50-day SMA provide strong support

Source: TradingView

The daily time frame reveals that the $BTC price is nudging down below the boundary between the two parallel channels. This is also where the 50-day simple moving average (SMA) is offering its support. As can be seen previously, a few candle tails came down below these supports, but all were eventually bought back up. Is it going to be the same thing again this time?

If this big rally out of the bear market is to continue, the bulls will need to push the $BTC price back inside the ascending channel - yet again. A full correction is going to happen at some point, but can the bulls tick off a couple more key resistance levels first?

50-week SMA getting ready to turn back around and provide bull market support

Source: TradingView

Zooming right out into the weekly chart we can see that the trajectory of the 50-week SMA is becoming less steep. As per the previous bull market, it should start to flatten out, pass through the 200-week SMA (death cross) and then bottom, before heading up and back over the 200-week SMA (golden cross). If all goes as per the previous bull market, the $BTC price will stay above this moving average for the entirety of this new bull market.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

* This article was originally published here

Injective Partners With BDACS to Bring KRW1 Stablecoin to Onchain RWA Settlement

Injective and Korean digital-asset custodian BDACS announced a memorandum of understanding on October 20 to establish KRW1 as a won-denominated settlement asset for real-world assets and tokenization in the Injective ecosystem. The proposed structure would let tokenized assets trade and settle in Korean won instead of routing transactions through dollar-denominated stablecoins, according to Injective and The Block.

The announcement positions KRW1 for settlement rather than a broad retail launch: minting and redemption are initially for approved institutional partners and remain subject to regulatory approval.

KRW1 as a won settlement rail

The memorandum positions KRW1 as the proposed Korean-won unit for settling tokenized assets within Injective. In practical terms, the parties are targeting a structure in which the asset used to complete an onchain trade is denominated in won, not in a dollar-linked stablecoin.

That distinction matters for the scope of the deal. The announced use case is tied to real-world assets, or RWAs, and tokenization activity on Injective—not a claim that KRW1 will replace dollar stablecoins across crypto markets. The Block reported that the partnership is intended to allow tokenized assets to trade and settle directly in Korean won on the network.

For issuers and institutions that account for assets or obligations in won, a won-denominated settlement asset could reduce the need to route a transaction through a dollar unit before completing settlement. Whether that workflow becomes available will depend on the planned implementation and approvals; the announcement does not set out a public timetable for either.

Institutional rollout and approval

Injective said KRW1 is fully backed one-for-one by Korean won. However, that backing claim does not mean the token will be openly available for minting or redemption at launch. Those functions will initially be restricted to approved institutional partners and are subject to regulatory approval, the company said.

The limitation is central to assessing the announcement. A settlement asset can be designed for institutional use before it has a wider distribution model, and Injective's statement describes the former. The memorandum therefore establishes the intended role of KRW1 in the ecosystem while leaving the operational access model conditional on the approval process.

Neither party's announcement, based on the information released, details which institutions will qualify as partners or when minting and redemption could begin. The near-term significance is the proposed integration of a won-denominated asset into Injective's tokenized-asset settlement infrastructure.

Official Injective graphic announcing the Korean won stablecoin partnership with BDACS for tokenization. — Source: Injective

From Avalanche proof of concept

KRW1 predates the Injective memorandum. In September 2025, BDACS said the stablecoin was 100% collateralized by Korean won held in escrow at Woori Bank and that it had initially been issued on Avalanche as part of a technical proof of concept.

The Injective arrangement would extend the token's stated application beyond that initial issuance environment. Rather than presenting KRW1 solely as a technical demonstration, the new memorandum frames it as a prospective settlement asset for tokenized RWAs on another blockchain ecosystem.

BDACS' prior disclosure provides the clearest supplied detail on the token's custody structure: Korean won held in escrow at Woori Bank. In a separate October announcement, Injective described KRW1 as fully backed one-to-one by Korean won and said its planned use on Injective would be subject to institutional-access and regulatory conditions.

Injective's RWA settlement activity

Injective is directing the collaboration at an existing pool of activity it says has already developed on its network. The company said it has processed more than $7.5 billion in real-world-asset volume and issued more than $1 billion in tokenized assets.

Those figures, disclosed by Injective, are the scale against which the companies are proposing the KRW1 settlement rail. They do not indicate how much of that activity is Korean-won denominated, nor do they establish future KRW1 usage. They do show that the partners are aiming the integration at a network where tokenized-asset issuance and RWA trading have already been reported by the chain.

The next material development will be whether the memorandum advances into an approved institutional rollout with minting and redemption available to qualifying partners. Until then, the agreement sets out a planned won-denominated settlement path for Injective's RWA market rather than a fully open KRW1 service.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

* This article was originally published here