At 2:18 p.m., Initia’s official coordinating validator halted Layer 1. The official preliminary investigation was clear: an account on Layer 1 holding cross-chain assets for various Rollups saw unauthorized transfers. The attacker used a stolen Rollup infrastructure key to forge IBC transfers. Before the halt, about 605,000 USDC had been transferred out via Noble, along with roughly 10,000 U worth of other tokens; most of the rest remained on the halted Layer 1. This is the second chain halt in three weeks.
The chain was halted, but $INIT first surged to 0.23165 in the afternoon, then plunged from its highs to 0.18323 by evening. Just now, it rebounded from 0.183 to around 0.213 in a little over an hour. The funding rate settled at -1.3867% at 8 p.m., and at 9 p.m. accounts were still 57.6% short. Open contracts fell from 79.37 million at 5:30 p.m. to about 71.94 million now, so this rebound hasn’t brought positions back up. The chain is still halted, with no restart time announced. I see this as a rebound driven by crowded shorts, not a fundamental recovery.
Resistance is between 0.2149 and 0.223; if it breaks above 0.223, I’m out. If it falls below 0.194, I’ll keep watching the low at 0.183. Do you think this is shorts capitulating, or a relief bounce to sell into after the chain halt?
#INIT #停链 #资金费率 #CryptoMarket
The chain was halted, but $INIT first surged to 0.23165 in the afternoon, then plunged from its highs to 0.18323 by evening. Just now, it rebounded from 0.183 to around 0.213 in a little over an hour. The funding rate settled at -1.3867% at 8 p.m., and at 9 p.m. accounts were still 57.6% short. Open contracts fell from 79.37 million at 5:30 p.m. to about 71.94 million now, so this rebound hasn’t brought positions back up. The chain is still halted, with no restart time announced. I see this as a rebound driven by crowded shorts, not a fundamental recovery.
Resistance is between 0.2149 and 0.223; if it breaks above 0.223, I’m out. If it falls below 0.194, I’ll keep watching the low at 0.183. Do you think this is shorts capitulating, or a relief bounce to sell into after the chain halt?
#INIT #停链 #资金费率 #CryptoMarket
