Bithumb temporarily halted Initia (INIT) deposits and withdrawals on October 24 because of a suspected network security problem. The South Korean exchange said transfers would remain paused until it could confirm the network was stable.
Bithumb’s notice, published at 01:01 Korea Standard Time, did not provide technical details about the suspected issue or estimate any potential losses. The announcement confirms the exchange’s precautionary action, not the root cause or financial impact of the incident.
INIT trading continues while transfers are paused
Bithumb said INIT trading could continue during the deposit-and-withdrawal suspension, while warning users that price volatility could increase. The exchange said it would publish a follow-up notice when it was ready to resume transfers. It did not provide a specific restart time in the notice cited here.
A separate notice on Kraken’s status page also listed Initia deposits and withdrawals as temporarily paused because of a network issue on October 23. Notices from multiple platforms show that transfer restrictions were applied, but they do not independently establish the full technical cause.
How INIT users can check for updates
Users should check their exchange’s official status page before attempting a transfer and avoid sending INIT while deposits or withdrawals are paused. Transfers submitted shortly before a suspension may take longer to process, depending on the platform and network conditions.
At the time of the cited notice, the full cause and scope of the suspected issue remained unclear. This report does not assume that an exploit, loss amount or responsible party has been confirmed by Initia.
Sources
Related Reading
For background on tracing public transaction records, see How to Use a Blockchain Explorer and What Is a Crypto Wallet? A Beginner’s Guide.
This article is based on exchange status notices and is for informational purposes only.
