Injective’s blockchain stopped producing blocks on November 9, triggering INJ deposit and withdrawal freezes at major South Korean exchanges. Bithumb said it would suspend INJ transfers from 23:00 KST, while Upbit issued a similar notice effective immediately. Spot trading remained open, but staking and unstaking activities were paused until the network stabilizes. Bithumb said withdrawal requests submitted before the deadline would be processed in order, and deposits made during the freeze would be credited once service resumes. Binance was also reported to have locked INJ withdrawals, alongside NEAR and LTC, while Hyperliquid’s HYPE was no longer on that list.
The outage is the second block-production halt in roughly ten weeks. In late August, Injective stopped producing blocks for about three hours and 42 minutes. The project initially described that incident as an accelerated network upgrade, but later confirmed it followed an exploit affecting a small number of ecosystem applications operating binary options markets. Researchers estimated about $4.9 million was bridged to Ethereum, though loss estimates ranged from $2.79 million to $6.5 million, and no full postmortem has been published.
The disruption comes during Injective’s institutional push. Canary Capital’s staked INJ ETF began trading on Nasdaq under the ticker INJC on November 5. After two sessions the fund reported $16.12 million in net assets, but its share count remained flat at 600,000, meaning the increase reflected asset value changes rather than new investor subscriptions. The fund started with $15 million in net assets, closed Friday at a share price of $26.90 and a net asset value of $26.86, and plans to stake at least 90% of its INJ holdings under normal conditions. It reported that 100% of eligible holdings were staked or queued for staking through Luganodes and charges a 1.10% annual sponsor fee.
Injective also introduced Institutional Rail on November 2, aimed at connecting financial institutions directly to block-production infrastructure through dedicated APIs. The network has reported more than 3.13 billion transactions, roughly 7.27 million INJ burned, and over $1 billion in tokenized assets issued. INJ traded near $8.10 on November 9, up about 12.74% over seven days, with support near $7.80 and resistance around $8.30 and then the $8.69 to $9 range.
