Initia posted its update today on the second exploit in under three weeks, and the $INIT chart makes zero sense next to it honestly.
Per Cointelegraph, the attacker got in through a compromised Google Cloud key, reached the rollup hosting side and pushed forged IBC withdrawals out of five rollups. About $3.27M moved, around $2.16M is still frozen on the halted chain and no INIT left the network. Chain is still paused with no restart date. Team says it will restore backing for affected assets in full.
Meanwhile the token wicked to 0.395 this morning and is already back near 0.22. Halted chain trading like a meme coin with leverage on it.
Last night 0.275 was my line and that is gone too. Under 0.21 there is not much until the 0.15 area. A real restart date is what changes the picture.
Per Cointelegraph, the attacker got in through a compromised Google Cloud key, reached the rollup hosting side and pushed forged IBC withdrawals out of five rollups. About $3.27M moved, around $2.16M is still frozen on the halted chain and no INIT left the network. Chain is still paused with no restart date. Team says it will restore backing for affected assets in full.
Meanwhile the token wicked to 0.395 this morning and is already back near 0.22. Halted chain trading like a meme coin with leverage on it.
Last night 0.275 was my line and that is gone too. Under 0.21 there is not much until the 0.15 area. A real restart date is what changes the picture.
