Layer 1 halted this afternoon, while $INIT surged nearly 60% that day
Initia halted its Layer 1 this afternoon as a precaution. The team said that before the chain was halted, approximately 605,000 USDC and about $10,000 worth of other tokens had been transferred out of custody accounts. Binance $INIT perpetuals are now trading at around $0.195, up approximately 59.87% over 24 hours.
The rally started in the early hours of today. At midnight, the price rose from around $0.130 to $0.140. From 2 a.m. to 5 a.m., it surged from around $0.138 to $0.2047. Trading volume during the 4 a.m. hour was approximately 49.34 million U. At 3:30 a.m., the team only said it was investigating the rollup; Layer 1 was still running at that point.
The price fell to around $0.165 at 10 a.m., then reached a high of $0.223 at noon. When the chain was halted at 2:18 p.m., the 2 p.m. candle opened at around $0.212 and closed at around $0.217. The 3 p.m. candle hit the day's high of $0.23165, and the 8 p.m. hour saw the price trade between approximately $0.183 and $0.197.
The team later said that the stolen rollup key had been used to forge cross-chain transfers. The USDC has already left Initia, while most of the rest remains on the paused Layer 1. The investigation is ongoing, and a transfer does not necessarily mean a final loss. This is the second Layer 1 halt in less than three weeks; the previous one was on October 23. The team has not confirmed whether the same people were behind both incidents.
At the time of posting, perpetuals trading volume was approximately 632.5 million U, open interest was around $14.21 million, and the funding rate was approximately -1.50%. Spot was around $0.205, up approximately 67.54% for the day.
Layer 1 is still halted, and no restart time has been announced. I think volatility will be high in the short term.
For beginners, I recommend watching more and trading less. If you're buying crypto, only buy $BTC
Initia halted its Layer 1 this afternoon as a precaution. The team said that before the chain was halted, approximately 605,000 USDC and about $10,000 worth of other tokens had been transferred out of custody accounts. Binance $INIT perpetuals are now trading at around $0.195, up approximately 59.87% over 24 hours.
The rally started in the early hours of today. At midnight, the price rose from around $0.130 to $0.140. From 2 a.m. to 5 a.m., it surged from around $0.138 to $0.2047. Trading volume during the 4 a.m. hour was approximately 49.34 million U. At 3:30 a.m., the team only said it was investigating the rollup; Layer 1 was still running at that point.
The price fell to around $0.165 at 10 a.m., then reached a high of $0.223 at noon. When the chain was halted at 2:18 p.m., the 2 p.m. candle opened at around $0.212 and closed at around $0.217. The 3 p.m. candle hit the day's high of $0.23165, and the 8 p.m. hour saw the price trade between approximately $0.183 and $0.197.
The team later said that the stolen rollup key had been used to forge cross-chain transfers. The USDC has already left Initia, while most of the rest remains on the paused Layer 1. The investigation is ongoing, and a transfer does not necessarily mean a final loss. This is the second Layer 1 halt in less than three weeks; the previous one was on October 23. The team has not confirmed whether the same people were behind both incidents.
At the time of posting, perpetuals trading volume was approximately 632.5 million U, open interest was around $14.21 million, and the funding rate was approximately -1.50%. Spot was around $0.205, up approximately 67.54% for the day.
Layer 1 is still halted, and no restart time has been announced. I think volatility will be high in the short term.
For beginners, I recommend watching more and trading less. If you're buying crypto, only buy $BTC
