📰 Crypto news 11/11 - $INIT : Network halted, price rising again?
Initia has halted its L1 blockchain for the second time in less than 3 weeks, following the November 9 attack.
The attacker used a leaked cloud key to forge IBC transfers, moving about $3.27 million in assets, but most of it ($2.16 million) remains stuck on the halted network. Only about $615k actually made it out.
Initia says it will fully reimburse affected assets, but has not announced when the network will resume operations.
Meanwhile, $INIT rose 61-80% in 24 hours, from $0.12 to over $0.23, with a volume of ~$85 million.
Do you think this is a short squeeze, or is the market betting that Initia will resolve the situation?
#INIT #Initia #CryptoNews
Initia has halted its L1 blockchain for the second time in less than 3 weeks, following the November 9 attack.
The attacker used a leaked cloud key to forge IBC transfers, moving about $3.27 million in assets, but most of it ($2.16 million) remains stuck on the halted network. Only about $615k actually made it out.
Initia says it will fully reimburse affected assets, but has not announced when the network will resume operations.
Meanwhile, $INIT rose 61-80% in 24 hours, from $0.12 to over $0.23, with a volume of ~$85 million.
Do you think this is a short squeeze, or is the market betting that Initia will resolve the situation?
#INIT #Initia #CryptoNews
