INIT Price Rises Despite Initia Halting Again After Hack

INIT Price rose as the Initia network faced another security incident.

On November 10, 2026 recorded a spike of up to 80% in 24 hours, coinciding with the shutdown of blockchain Layer 1 after unauthorized transfers were discovered.

This strengthening took place at a time when the certainty of network operations was still an issue.

Initia's investigative update reveals approximately US$3.27 million in assets moved to the attacker's address.

Of that amount, US$2.16 million remains tied up in the suspended network. This figure highlights the need to assess the project's price movements and security separately. 

Key Takeaways

• INIT price rallied during the network outage, but the specific trigger for the increase has not been confirmed.

• The attack involved compromising infrastructure credentials to authorize fraudulent withdrawals from five rollups.

• Initia plans to recover collateral on affected assets and rebuild infrastructure, with no definite completion timetable.

INIT Price Rises by 80%, What Really Happened?

Initia's price spike coincided with news of the network shutdown.

However, the percentage increase in the market report is a snapshot in time.

This figure does not mean that the token continues to strengthen by the same amount throughout the investigation process.

INT ke IDR via Bittime Market

What has been confirmed is that there is token strengthening when the network experiences disruption.

This condition is not enough to conclude that the market considers the incident to be over or security has been restored.

A price increase only indicates a change in valuation in trading, while network recovery requires separate technical evidence.

Convert 1 INIT to USD - Initia to United States Dollar

Why Can Tokens Be Traded When the Network Goes Down?

Blockchain shutdowns restrict activities that require transaction processing on the network.

Meanwhile, order matching on centralized exchanges can run through the platform's internal ledger.

Therefore, transactions between users do not always require direct asset transfer on the blockchain.

This mechanism explains how INIT crypto can still experience price changes during network downtime.

However, continued trading does not automatically mean deposits and withdrawals are available. Service status should be checked on each platform.

The specific cause of the INIT increase has not been revealed in the available sources.

There is not yet sufficient evidence to link it to institutional buying, large investor accumulation, or successful recovery.

Calling this event an INIT pump describes the price spike, but does not explain the cause.

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The Chronology of Initia's Hacking Begins with Cloud Infrastructure

According to Initia's official statement, the attacker gained unauthorized access on November 9th via command injection using a compromised Google Cloud Platform key.

The key is used for private node provisioning.

The attack exposed environment variables which then allowed access to GitHub accounts, GCP, and additional credentials.

From there, the attackers reached Anvil, the hosting platform used by rollups in the Initia ecosystem.

The access allowed the authentication of fake IBC withdrawals from five rollups.

Assets previously held in the IBC escrow account on Layer 1 were then transferred to the attacker's address.

This Initia exploit investigation demonstrates the link between cloud infrastructure security and securing assets across networks. 

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Understanding the Number of Assets Affected by Initia Hack

The figures of US$3.27 million and US$2.16 million have different scopes.

The two should not be added together to make US$5.43 million because the funds held are part of the total assets transferred.

Initia said the withdrawal finally reached the IBC outbound transfer limit.

The statement that no INIT was pulled out limits conclusions regarding the token flow resulting from the attack.

This statement does not ensure that all impacts of the incident have been resolved.

Read Also:Binance Hack: Hackers Launder Money Through 6 Meme Coins, Here's How They Do It

Second Shutdown and Initia Recovery Plan

Initia blockchain halt on November 10th was the second halt after the October incident.

Previous reports said the October 23 exploit resulted in approximately US$2.7 million being lost to Ethereum.

Operations were restored on November 2 before the next incident occurred. 

To strengthen the security of the Initia blockchain, the team stated that it will rebuild the infrastructure in an isolated environment. Other measures include restricting access rights as needed and strengthening IBC validation.

Initia also plans to fully recover collateral on affected assets.

However, the plan is still being finalized in the available updates. The Initia network halted status requires monitoring for official announcements, particularly regarding the restart schedule and recovery implementation.

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FAQ

Why did INIT price go up after Initia was hacked?

The specific trigger has not been confirmed. Token trading can continue on exchanges even if blockchain activity is halted.

How much does INIT cost in Rupiah on Bittime?

The INIT/IDR price could not be verified at the time of this article's review, so the rupiah nominal is not listed.

How much are the assets affected by the Initia hack?

Initia said approximately US$3.27 million was transferred to the attackers' addresses, including US$2.16 million that remains unaccounted for.

Were the Initia tokens withdrawn by the attacker?

According to Initia's official statement, no INITs were pulled out of the network by the attackers.

When will the Initia network be operational again?

The available updates don't have a specific timetable. The rebuild is expected to take longer than a routine restart.