🚨 Initia has halted its blockchain for the second time in less than three weeks following a $615,000 exploit, while the INIT token unexpectedly surged by more than 60%.
📌 The attacker used a compromised rollup infrastructure key to create fake IBC transactions, withdrawing around $605,000 $USDC and another $10,000 in tokens through Noble before the network stopped producing blocks at 06:18 UTC on November 10.
📌 Most of the remaining assets in the affected escrow accounts are still on the halted chain, and the team does not yet know how the credentials were leaked.
Traders are betting on a successful resolution, but repeated security risks are keeping sentiment toward newer L1s cautious.
💬 Do you think this 60% surge signals a genuine recovery, or is it just a FOMO trap?
#Web3 #CryptoNews
🔗 Source: Cryptonews
⚠️ This information is for reference only and is not investment advice. Do your own research before making a decision (DYOR).
📌 The attacker used a compromised rollup infrastructure key to create fake IBC transactions, withdrawing around $605,000 $USDC and another $10,000 in tokens through Noble before the network stopped producing blocks at 06:18 UTC on November 10.
📌 Most of the remaining assets in the affected escrow accounts are still on the halted chain, and the team does not yet know how the credentials were leaked.
Traders are betting on a successful resolution, but repeated security risks are keeping sentiment toward newer L1s cautious.
💬 Do you think this 60% surge signals a genuine recovery, or is it just a FOMO trap?
#Web3 #CryptoNews
🔗 Source: Cryptonews
⚠️ This information is for reference only and is not investment advice. Do your own research before making a decision (DYOR).