Initia staged the most surreal scene in crypto today: the chain stopped, but the token surged 64%.
$INIT 24 hours: the price climbed from $0.124 to a high of $0.237. It now sits at $0.204, up 64.5%. Spot trading volume reached $20.8 million, derivatives trading volume hit $883 million, funding rates plunged to -1.83%, and liquidations totaled $2.56 million over 24 hours.
The surge wasn’t driven by good news—it was triggered by a security incident. At 14:18 today, Initia’s official team halted L1 block production. The attacker used a stolen key for the Rollup infrastructure to forge IBC transfers, siphoning about $615,000 in USDC from a custodial account. CertiK detected 16 suspicious transfers totaling around $636,000. This is the second time Initia has halted its chain in three weeks; it was just hit by a $2.7 million theft on October 23.
The token is rising even as the chain is halted, which shows this is purely a game of capital flows: low-market-cap coins are more volatile, and short sellers are being forced to close their positions. My take: this rally has nothing to do with fundamentals. The current price is still 86% below its all-time high of $1.42. Chasing it now is like catching a falling knife, so I’m staying out.
$BTC
$INIT 24 hours: the price climbed from $0.124 to a high of $0.237. It now sits at $0.204, up 64.5%. Spot trading volume reached $20.8 million, derivatives trading volume hit $883 million, funding rates plunged to -1.83%, and liquidations totaled $2.56 million over 24 hours.
The surge wasn’t driven by good news—it was triggered by a security incident. At 14:18 today, Initia’s official team halted L1 block production. The attacker used a stolen key for the Rollup infrastructure to forge IBC transfers, siphoning about $615,000 in USDC from a custodial account. CertiK detected 16 suspicious transfers totaling around $636,000. This is the second time Initia has halted its chain in three weeks; it was just hit by a $2.7 million theft on October 23.
The token is rising even as the chain is halted, which shows this is purely a game of capital flows: low-market-cap coins are more volatile, and short sellers are being forced to close their positions. My take: this rally has nothing to do with fundamentals. The current price is still 86% below its all-time high of $1.42. Chasing it now is like catching a falling knife, so I’m staying out.
$BTC