After a security incident, Initia suspended its layer-1 network on Nov. 10; the project said about $2.16 million in assets remained on-chain as INIT fell 49.78% over 24 hours.
Short positions transferred funding to long positions during the negative-rate period. Across 24 hourly settlements on Hyperliquid, INIT’s perpetual contract recorded a cumulative rate of -7.70%. Eight readings were -0.5% per hour; the most recent reference rate stood at -0.117% per hour.
The market snapshot placed INIT near $0.112. Against the previous day’s $0.279 high, that was a 59.92% drop; the 24-hour loss was 49.78%. Notional open interest was around $1.5 million, and 24-hour trading volume was $16.15 million.
Initia said it intended to rebuild reserves tied to the affected assets. The project also reported that about $3.27 million reached an attacker address and roughly $2.16 million remained on-chain during the suspension.
