Initia Chain suspended due to hacker incident; INIT token surges 70% in 24 hours, topping the gainers list.
25 minutes ago
According to HTX market data, INIT has surged 70% over the past 24 hours, topping the gainers list and breaking through $0.23, currently trading at $0.234. However, Initia remains mired in FUD (Fear, Uncertainty, Doubt) amid recent developments. Per an official announcement, Initia’s Layer 1 (L1) network was suspended at 14:18 today (06:18 UTC) following coordination with validators, a protective measure. Initia stated the move was taken after detecting unauthorized transfers from custodial accounts on its L1 that hold assets bridged to multiple Rollups. The project added that ongoing investigations show the malicious transfers were executed using stolen Rollup infrastructure keys, which attackers exploited to forge IBC transfers. Preliminary checks indicate that before the network suspension, roughly $605,000 in USDC was withdrawn from Initia via Noble, plus around $10,000 worth of other tokens. The majority of remaining assets moved from the custodial accounts are still held on the halted L1 network.
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Initia: Layer 1 network halts operations due to unauthorized transfers; approximately $605,000 in USDC was moved out via Noble.
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