IN token experienced a severe flash crash on July 1, 2026, plunging 42.52% within 24 hours. According to Bitget’s market data, the price spiked to $0.37 USDT in the early hours before collapsing to $0.068 USDT at press time. The dramatic move triggered widespread concern among traders, with some initially suspecting a platform hack or security vulnerability.
INFINIT Statement: No Security Breach, Market Integrity Issue
INFINIT issued an emergency statement categorically denying any internal security breach or hacker infiltration, and assured users that their funds remain safe. The platform described the incident as a matter of “market integrity” and confirmed it is cooperating with exchanges Bitget and Gate to trace the responsible wallet behind the dump.
Fund Flow and On-Chain Analysis
According to INFINIT’s on-chain tracking, the crash was triggered by a single wallet address. The wallet withdrew approximately 9 million IN tokens from Bitget and Gate, then bridged the tokens from Ethereum to BNB Chain via LayerZero. Finally, it dumped the entire amount on PancakeSwap, overwhelming the liquidity pool and causing an instantaneous price collapse.
Market Impact and Next Steps
This type of “withdraw-and-dump” manipulation, executed via a cross-chain bridge and a DEX, highlights the shallow liquidity of IN token outside centralized exchanges. While the direct perpetrator remains unidentified, INFINIT is working with exchange partners to identify the wallet’s owner and source of funds. The incident serves as a reminder of manipulative risks in illiquid token markets and raises questions about how INFINIT will improve liquidity depth and monitoring mechanisms going forward.