Gains almost entirely erased.
November 11, 13:00–14:00 (UTC+8): Binance spot $INIT surged to around $0.395, the high for this rally. After that, it kept falling, reaching just around $0.136 by November 12 at 03:48—a drop of roughly two-thirds in less than 15 hours.
Looking back further: when trading opened at 0:00 on November 10, INIT was around $0.130. At that point, Initia had not yet halted its chain. In other words, from the rally before the incident, to the peak, and then back down, the whole move took a little over two days. The price had essentially returned to where it started, just about 4% higher.
The cause was Initia’s security incident. In an update at 00:43 on November 11 (UTC+8), the team said that on November 9, an attacker used a leaked Google Cloud key to access the team’s infrastructure, gained additional permissions, and forged cross-chain withdrawals from five Rollups, transferring around $3.27 million in assets to their own address. Around $2.16 million remains stuck on the paused mainnet and cannot be moved; the attacker did not transfer any INIT. The team said it intends to fully reimburse the affected assets, and that the plan is still being finalized. The mainnet will need to be rebuilt in an isolated environment, which will take longer than a typical restart. A specific timeline will be announced later.
With on-chain transfers unavailable while the mainnet is paused, most INIT trading has been concentrated on exchanges. The price rose quickly—and fell just as quickly. Until a restart timeline and compensation plan are announced, this coin may remain highly volatile.
#INIT #行情 does not constitute investment advice
November 11, 13:00–14:00 (UTC+8): Binance spot $INIT surged to around $0.395, the high for this rally. After that, it kept falling, reaching just around $0.136 by November 12 at 03:48—a drop of roughly two-thirds in less than 15 hours.
Looking back further: when trading opened at 0:00 on November 10, INIT was around $0.130. At that point, Initia had not yet halted its chain. In other words, from the rally before the incident, to the peak, and then back down, the whole move took a little over two days. The price had essentially returned to where it started, just about 4% higher.
The cause was Initia’s security incident. In an update at 00:43 on November 11 (UTC+8), the team said that on November 9, an attacker used a leaked Google Cloud key to access the team’s infrastructure, gained additional permissions, and forged cross-chain withdrawals from five Rollups, transferring around $3.27 million in assets to their own address. Around $2.16 million remains stuck on the paused mainnet and cannot be moved; the attacker did not transfer any INIT. The team said it intends to fully reimburse the affected assets, and that the plan is still being finalized. The mainnet will need to be rebuilt in an isolated environment, which will take longer than a typical restart. A specific timeline will be announced later.
With on-chain transfers unavailable while the mainnet is paused, most INIT trading has been concentrated on exchanges. The price rose quickly—and fell just as quickly. Until a restart timeline and compensation plan are announced, this coin may remain highly volatile.
#INIT #行情 does not constitute investment advice
