South Korean exchanges repeatedly suspend $INIT deposits and withdrawals, but the price keeps climbing
The South Korean exchanges’ latest move is a textbook example of incompetence: they suspended $INIT deposits and withdrawals after a hack, then reopened them and South Korean users rushed to buy, sending the price higher. But before long, another security issue emerged, and deposits and withdrawals were suspended again—yet the price kept climbing.
In this rally, South Korean retail traders have stopped looking at $INIT’s fundamentals and are trading purely on sentiment. The first suspension was due to a hack; the second came after another security issue. The price not only failed to crash, but was bought back up and kept rising. The exchanges keep suspending deposits and withdrawals, and the vulnerability hasn’t actually been fixed—it’s just being temporarily ignored by the market.
Capital is shifting around. ETH is currently at $2,126.58. Large-cap coins are digesting macroeconomic turbulence, while on-chain hot money is hunting for small, volatile tokens. By comparison, the leading asset by copy-trading contract volume has shed $1.65 million in fees over the past year. In BTC-focused hedging positions, big players are grinding away on fees, while smaller players are betting on a rebound after exchanges repeatedly suspend deposits and withdrawals. The two groups’ capital flows are completely different.
The last time something similar happened, when exchanges suspended deposits and withdrawals again, retail traders who bought the top were usually left holding the bag. I’m inclined to think that $INIT’s latest rally is driven by sentiment, not improving fundamentals. If something really does go wrong, there’s a high chance short sellers will be left holding the bag.
Tonight, let’s see whether $INIT can hold on to these gains after deposits and withdrawals reopen, or whether the exchanges will suspend them for a third time.
🐶 Let’s check out Old Ma’s little dog ✨🚀
The South Korean exchanges’ latest move is a textbook example of incompetence: they suspended $INIT deposits and withdrawals after a hack, then reopened them and South Korean users rushed to buy, sending the price higher. But before long, another security issue emerged, and deposits and withdrawals were suspended again—yet the price kept climbing.
In this rally, South Korean retail traders have stopped looking at $INIT’s fundamentals and are trading purely on sentiment. The first suspension was due to a hack; the second came after another security issue. The price not only failed to crash, but was bought back up and kept rising. The exchanges keep suspending deposits and withdrawals, and the vulnerability hasn’t actually been fixed—it’s just being temporarily ignored by the market.
Capital is shifting around. ETH is currently at $2,126.58. Large-cap coins are digesting macroeconomic turbulence, while on-chain hot money is hunting for small, volatile tokens. By comparison, the leading asset by copy-trading contract volume has shed $1.65 million in fees over the past year. In BTC-focused hedging positions, big players are grinding away on fees, while smaller players are betting on a rebound after exchanges repeatedly suspend deposits and withdrawals. The two groups’ capital flows are completely different.
The last time something similar happened, when exchanges suspended deposits and withdrawals again, retail traders who bought the top were usually left holding the bag. I’m inclined to think that $INIT’s latest rally is driven by sentiment, not improving fundamentals. If something really does go wrong, there’s a high chance short sellers will be left holding the bag.
Tonight, let’s see whether $INIT can hold on to these gains after deposits and withdrawals reopen, or whether the exchanges will suspend them for a third time.
🐶 Let’s check out Old Ma’s little dog ✨🚀