Event Overview: Massive Sell-Off Triggers Flash Crash
According to Bitget market data, the IN token surged to 0.37 USDT in the early hours of July 1 before plunging sharply. At press time, IN is trading at 0.068 USDT, marking a 24-hour decline of 42.52%. The abnormal price action raised immediate concerns over platform security among the community.
INFINIT Official Response: No Hack, No Vulnerability
In response, INFINIT issued a statement clarifying that the incident was not caused by a hacker attack or any security breach, and user funds remain safe. The project revealed that the price anomaly originated from a single wallet address. The wallet withdrew approximately 9 million IN tokens from centralized exchanges Bitget and Gate early this morning, then bridged the assets from Ethereum mainnet to BNB Chain via LayerZero, and subsequently dumped all tokens on PancakeSwap, a decentralized exchange.
Classified as Market Integrity Issue, Investigation Underway
INFINIT characterized the event as a 'market integrity issue' rather than a technical or security flaw. The team confirmed it is working closely with exchanges Bitget and Gate to trace the responsible party behind the wallet. No further details have been released, but the initial assessment points to deliberate action by a single whale or institutional entity.
Market Impact and Investor Notes
The flash crash caused a short-term liquidity shock for IN tokens. INFINIT has not disclosed any remediation or buyback plan yet. Investors should monitor ongoing investigation updates and remain cautious of similar large-scale cross-chain dumps. The event once again underscores the risks of concentrated whale holdings and shallow liquidity in decentralized markets.