The chain stopped, but the token rose
This Initia saga is a little counterintuitive
The MoveVM script-cache vulnerability on October 24
The attacker created balances out of thin air, then withdrew about $2.7 million through a cross-chain channel
The numbers add up: about 105 WETH, 1.4 million AUSD0, and 1.08 million USDC
Ultimately converted into about 1,135 ETH
The official statement is key
No extra native INIT was minted; the total supply hasn’t changed
The issue was with the bridge’s ledger, not INIT itself
In an update on October 26, the team said fixes were underway and the audit would take a few more days
No restart time has been announced yet
The chain is still halted. Rollups are halted too
But the price moved first
According to Finnhub data for October 26, INIT is trading at about $0.159
It opened at about $0.150 that day, up around 6.2%
Up about 17.3% over 5 days and 58.9% over 30 days
On the day of the incident, it first plunged to about $0.115
Then climbed back above $0.15
The chain hasn’t moved, but the price has
Does this mean the market thinks the fix will work, or is it simply betting on a restart?
Just my personal opinion. This is not investment advice.
#Initia链停事件 $INIT
This Initia saga is a little counterintuitive
The MoveVM script-cache vulnerability on October 24
The attacker created balances out of thin air, then withdrew about $2.7 million through a cross-chain channel
The numbers add up: about 105 WETH, 1.4 million AUSD0, and 1.08 million USDC
Ultimately converted into about 1,135 ETH
The official statement is key
No extra native INIT was minted; the total supply hasn’t changed
The issue was with the bridge’s ledger, not INIT itself
In an update on October 26, the team said fixes were underway and the audit would take a few more days
No restart time has been announced yet
The chain is still halted. Rollups are halted too
But the price moved first
According to Finnhub data for October 26, INIT is trading at about $0.159
It opened at about $0.150 that day, up around 6.2%
Up about 17.3% over 5 days and 58.9% over 30 days
On the day of the incident, it first plunged to about $0.115
Then climbed back above $0.15
The chain hasn’t moved, but the price has
Does this mean the market thinks the fix will work, or is it simply betting on a restart?
Just my personal opinion. This is not investment advice.
#Initia链停事件 $INIT
