Upbit and Bithumb suspend INIT deposits and withdrawals and issue an investment warning
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AT A GLANCE
Upbit and Bithumb suspend INIT deposits and withdrawals and issue an investment warning due to a suspected security issue with the Initia chain.
Article
Upbit and Bithumb suspend operations after Initia attack INIT deposits and withdrawals and issue a warning
PANews October 24 reported that, according to an official announcement, South Korean crypto exchanges Upbit and Bithumb have suspended deposits and withdrawals for Initia (INIT) and issued an investment warning regarding INIT(유의 촉구). Upbit’s announcement stated that October 24 it had confirmed that the Initia chain was suspected of experiencing a security issue, and that INIT price volatility could intensify, reminding holders to trade cautiously. Earlier, Initia officially announced that, due to a security incident, it had suspended L1 and its Rollup operations. Security researcher Spreek said that the attacker exploited a vulnerability to mint additional tokens and had cashed out approximately 2600000 USD。
According to the official announcement cited in the article, Upbit and Bithumb have suspended deposits and withdrawals for Initia (INIT) and issued an investment warning regarding INIT.
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Upbit’s announcement stated that October 24 it had confirmed that the Initia chain was suspected of experiencing a security issue, and that INIT price volatility could intensify, reminding holders to trade cautiously.
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Initia officially announced that, due to a security incident, it had suspended L1 and its Rollup operations.
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Security researcher Spreek said that the attacker exploited a vulnerability to mint additional tokens and had cashed out approximately 2600000 USD。
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
The exchanges temporarily closed INIT deposit and withdrawal functions and reminded users to be aware of the risks; meanwhile, Initia suspended the operation of the relevant network. The claim that the attacker exploited a vulnerability to mint additional tokens and cashed out approximately 2600000 USD comes from security researcher Spreek.
Why it matters to readers
Suspending deposits and withdrawals will restrict users from transferring INIT into or out of the exchanges; the exchange warnings and suspected security issue also mean that INIT price volatility could intensify.
If you hold or trade INIT, you should monitor whether deposits and withdrawals have resumed, whether the network is operating again, and subsequent exchange warnings; the original text explicitly advises cautious trading.
Risks and unknowns
The Initia chain security issue was described as “suspected” in Upbit’s announcement; the specific vulnerability and scope of the impact remain unclear.
Additional token issuance and cashing out approximately 2600000 USD are solely Spreek’s claims, and the original text provides no further verification.
The original text does not state the number of affected tokens, user fund losses, or recovery time.
The original text only says “October 24” and does not specify the year.
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Related concepts
Deposits and withdrawals
This term is not in the glossary yet. Browse related concepts in the glossary.
