South Korean crypto exchanges Upbit and Bithumb have suspended deposits and withdrawals for Initia (INIT) and issued investment warnings on the token. Upbit said in a notice that it had confirmed a suspected security issue on the Initia chain on Oct. 24, adding that price volatility in INIT could intensify and urging holders to trade with caution. Earlier, the Initia team said it had halted operations of its Layer 1 network and related rollups because of a security incident. Security researcher Spreek said an attacker exploited a vulnerability to mint additional tokens and had already cashed out about $2.6 million. The exchange notices and the earlier statements together point to a live security situation affecting both network operations and market access for INIT holders.
South Korean crypto exchanges Upbit and Bithumb have suspended deposits and withdrawals for Initia (INIT) and issued investment warnings on the token.
In its notice, Upbit said it confirmed a suspected security issue on the Initia chain on Oct. 24. The exchange said INIT price swings could become more severe and advised users holding the token to trade carefully.
Earlier, the Initia team said it had suspended operations of its Layer 1 network and its rollups because of a security incident. Security researcher Spreek said an attacker used a vulnerability to mint extra tokens and had already cashed out about $2.6 million.
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