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

BlockBeats news, November 10 - According to HTX market data, INIT surged 80% in 24 hours to top the gainers list, breaking through $0.23 and currently quoted at $0.234.

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

Initia said that current investigations show the transfers were carried out 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 about $10,000 in other tokens. Most of the remaining assets transferred from the custody account are still on the halted L1.