$INIT
1. The Hack: A hacker found a loophole in the code and printed fake money (unbacked tokens). He managed to take about *$2.7M* out before Initia hit the emergency stop button and shut down the network.
2. The Fix for Users: Initia Foundation said - don't worry. We will pay from our own treasury to make every victim whole again. 1:1 backing will be restored. Also, the original $INIT coin supply is 100% safe, not hacked.
3. What's Next: The loophole is now patched and checked by external security auditors. The team is just getting ready to turn the network back ON.
4. Price: Price was shaky after the news, now recovering to *$0.21 - $0.23* because people are hopeful for the restart.
Network was exploited, team stopped it, will refund users, fixed the bug, and will restart soon.
#USMidtermElections #INIT
1. The Hack: A hacker found a loophole in the code and printed fake money (unbacked tokens). He managed to take about *$2.7M* out before Initia hit the emergency stop button and shut down the network.
2. The Fix for Users: Initia Foundation said - don't worry. We will pay from our own treasury to make every victim whole again. 1:1 backing will be restored. Also, the original $INIT coin supply is 100% safe, not hacked.
3. What's Next: The loophole is now patched and checked by external security auditors. The team is just getting ready to turn the network back ON.
4. Price: Price was shaky after the news, now recovering to *$0.21 - $0.23* because people are hopeful for the restart.
Network was exploited, team stopped it, will refund users, fixed the bug, and will restart soon.
#USMidtermElections #INIT