Initia chain halted due to hacker incident, INIT surged 80% in 24 hours to top the gainers list

November 10th, according to HTX market data, INIT surged 70% in 24 hours to top the gainers list, breaking through $0.23, currently quoted at $0.234.

However, on the news front, Initia is even still in FUD. According to official news, Initia L1 was suspended at 14:18 today (06:18 UTC) after coordination with validators, as a protective measure. Initia stated that this step was taken because unauthorized transfers were discovered in custody accounts on Initia L1 holding assets bridged to multiple Rollups.

Initia said that current investigation shows the relevant transfers were completed using compromised Rollup infrastructure keys, with attackers using them to forge IBC transfers. Preliminary verification shows that before the network suspension, approximately $605,000 USDC was transferred out of Initia via Noble, along with approximately $10,000 in other tokens. Most of the remaining assets transferred from custody accounts currently remain on the halted L1.