Hacking News
INIT Gets -62.7% After Security Breach
Majors in the crypto market saw minor declines, with Bitcoin (BTC) and Ethereum (ETH) both dropping slightly. The real damage was seen in altcoins, with INIT experiencing a significant loss of -62.7% on a trading volume of $38 million. INIT, a project on a particular chain, suffered a security breach where an attacker used compromised cloud credentials to move $3.27 million. About $2.16 million of the stolen funds are currently frozen on the halted network. The network's halt and the frozen funds indicate that anyone holding the token is waiting for a team that has already been breached twice, suggesting a hostage situation. The chart shows a significant drop, and the network's halt is seen as an excuse for the decline.