Event Overview: 42% Plunge Sparks Panic
According to Bitget market data, IN token briefly spiked to $0.37 in the early hours of July 1, 2026, before nosediving to $0.068 as of press time—a 24-hour decline of 42.52%. The sharp drop initially triggered speculation about a potential hack or security breach, but INFINIT quickly issued a statement to address the concerns.
INFINIT Statement: Funds Are Safe; Single Wallet Dump Identified
INFINIT explicitly denied any hacking incident or security vulnerability, stressing that user funds remain secure. According to their disclosure, the price anomaly was triggered by a single wallet that withdrew approximately 9 million IN tokens from two exchanges—Bitget and Gate—around midnight today. The wallet then utilized the LayerZero cross-chain bridge to transfer the tokens from Ethereum mainnet to BNB Chain, subsequently dumping them via decentralized exchange PancakeSwap.
INFINIT classified the event as a "market integrity issue" and confirmed they are collaborating with Bitget and Gate to identify the responsible party and take appropriate actions.
On-Chain Data and Market Impact Analysis
The dump leveraged cross-chain bridging and DEX liquidity in a rapid sequence. Roughly 9 million IN tokens flooded the PancakeSwap IN liquidity pools within a short period, causing an immediate price crash. The use of LayerZero adds complexity to traceability, but the project has initiated on-chain forensic investigation with exchange support.
Notably, the token briefly surged to $0.37 before the dump, suggesting a possible pump-and-dump scheme by a large holder. Such operations are common in low-cap tokens, where a single large sell order can trigger a catastrophic price drop. This event serves as a reminder for investors to monitor large on-chain transfers and exercise caution with high-volatility assets.
As of now, INFINIT has not disclosed the identity of the perpetrator but stated they will pursue legal recourse to protect the platform and its users. Further updates are expected.