Stolen twice in 18 days, the chain is still halted, and the token has already been cut in half.
$INIT has been the worst cautionary tale in the market these past two days. On November 9, attackers used stolen Google Cloud credentials to break into the system and forge cross-chain withdrawals from five Rollups, making off with about $3.27 million. Another $2.16 million is still stuck on the halted chain. On the morning of November 10, the project team and validators halted the L1. To this day, they still haven't given a timeline for its recovery.
This is the second theft in 18 days. The first, on October 23, cost about $2.7 million, bringing the total from both incidents to nearly $6 million. The token's price action has been even more absurd than the news: it was still around $0.13 on November 9, then doubled to $0.395 on November 11 before reversing sharply. It's now at $0.1286, down about 67% from its peak.
The perpetual futures contract is down 29.30% over 24 hours, with $374 million in trading volume, and the funding rate is still negative. That spike to $0.395 on the chart marks the peak of this roller-coaster ride.
Support: 0.1096
Resistance: 0.1396
Hold above 0.1096 → Look for an oversold bounce toward 0.1396 first
Break below 0.1096 → Look for a bottom below 0.10; don't try to call it
Move above 0.1396 → Short covering needs to kick in for the rally to have staying power
I'm staying on the sidelines with a bearish bias. I'll admit I'm wrong if the chain recovers and the price closes back above 0.1396.
With a token that's been hacked repeatedly, would you buy the dip or blacklist it?
⚠️ Just my personal ramblings; this is not investment advice.
#INIT #黑客攻击 #AltcoinRotation
$INIT has been the worst cautionary tale in the market these past two days. On November 9, attackers used stolen Google Cloud credentials to break into the system and forge cross-chain withdrawals from five Rollups, making off with about $3.27 million. Another $2.16 million is still stuck on the halted chain. On the morning of November 10, the project team and validators halted the L1. To this day, they still haven't given a timeline for its recovery.
This is the second theft in 18 days. The first, on October 23, cost about $2.7 million, bringing the total from both incidents to nearly $6 million. The token's price action has been even more absurd than the news: it was still around $0.13 on November 9, then doubled to $0.395 on November 11 before reversing sharply. It's now at $0.1286, down about 67% from its peak.
The perpetual futures contract is down 29.30% over 24 hours, with $374 million in trading volume, and the funding rate is still negative. That spike to $0.395 on the chart marks the peak of this roller-coaster ride.
Support: 0.1096
Resistance: 0.1396
Hold above 0.1096 → Look for an oversold bounce toward 0.1396 first
Break below 0.1096 → Look for a bottom below 0.10; don't try to call it
Move above 0.1396 → Short covering needs to kick in for the rally to have staying power
I'm staying on the sidelines with a bearish bias. I'll admit I'm wrong if the chain recovers and the price closes back above 0.1396.
With a token that's been hacked repeatedly, would you buy the dip or blacklist it?
⚠️ Just my personal ramblings; this is not investment advice.
#INIT #黑客攻击 #AltcoinRotation
