Initia’s INIT Token Climbs 80% as Layer 1 Remains Halted After Hack

Initia’s INIT token climbed 80% over 24 hours on Nov. 10, leading crypto gainers while the project’s Layer 1 remained offline after unauthorized transfers from a custody account. Initia paused its Layer 1 at 1:18 a.m. ET (06:18 UTC) on Nov. 10 after coordinating with validators. The project described the halt as a protective measure. Initia said its preliminary investigation found that compromised keys tied to Rollup infrastructure were used to forge Inter-Blockchain Communication (IBC) transfers. The account held assets bridged to Initia from multiple rollups. About $605,000 in USDC moved out through Noble before the halt, and roughly $10,000 in other tokens also left the account. Initia said most of the remaining assets stayed on the halted Layer 1.

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