Background and Official Denial
In the early hours of today, the IN token experienced severe price volatility. INFINIT, the project behind the token, issued a statement clarifying that the platform was not hacked and no security vulnerabilities existed. The team assured users that all funds remain safe. The abnormal price movement was attributed solely to the behavior of a single wallet address, not a systemic issue.
Detailed Path of the Dump
According to INFINIT's disclosure, the involved wallet executed the dump through the following steps: First, it withdrew approximately 9 million IN tokens from centralized exchanges Bitget and Gate; then, it used the LayerZero cross-chain bridge to transfer the tokens from Ethereum mainnet to BNB Chain; finally, it sold all tokens on PancakeSwap in a concentrated manner, triggering a sharp price decline.
Market Data and Follow-up Actions
Bitget market data shows that the IN token briefly surged to 0.37 USDT in the early hours before plummeting. It is currently trading at 0.068 USDT, representing a 24-hour drop of 42.52%. INFINIT categorized the incident as a "market integrity issue" and stated that it is cooperating with relevant exchanges to trace the responsible party. The project did not mention whether compensation would be offered to affected users, but emphasized strengthening market surveillance to prevent similar incidents.