INJS, a platform responsible for conducting registrations on the Injective blockchain, found itself involved in an unusual event as it abruptly halted the inscription creation process just minutes after its initiation.
The INJS team issued a warning to the community, urging them to stop the inscription creation process, and announced plans to refund all affected users. This sudden move created uncertainty within the community, prompting questions about the security, integrity, and transparency of the project.
Attention, please: Stop the minting
After hearing from the community and discussing with @Injective_ .We will refund all funds. We plan to re-initiate a free fair launch later on
Please wait for our announcements for further details.
— INJS -Fair Launch Soon🥷 (@inj_inscription) December 19, 2023
The user community quickly identified certain signs of concern before the official alert. Comments on the original announcement pointed out unusual fees of 0.03 INJ per inscription, raising doubts and suspicions. The Injective blockchain also issued a separate warning through its official channels, urging users to refrain from participating in the inscription creation on INJS. It was stated that the INJS team was not being transparent and was applying a creation fee directed to an unverified wallet.
We are currently collecting transfer information and will initiate the refund process soon
Please stop minting! https://t.co/VbfzMUiOYb
— INJS -Fair Launch Soon🥷 (@inj_inscription) December 19, 2023
The initial goal was to introduce the experimental token standard INJRC-20, designed to simplify the process of creating, deploying, and transferring inscriptions on the Injective blockchain. However, the abrupt interruption of the inscription creation process raised various questions about the viability and security of the platform.
Following the Incident, Injective Will Take Actions to Compensate Affected User and Reschedule Inscriptions
In response to the situation, the INJS team is working to gather transfer data and is committed to initiating the refund process as soon as possible. Additionally, they have just announced their intention to relaunch the inscription creation process in the future, ensuring a fair and transparent rollout for users.
This conflict takes place at a time when the Injective Protocol is riding high. Its token experienced a 150% growth in the last month, and despite a bearish correction that brought its price down from $39.84 to the current $36.81, it still maintains a 12.47% increase in the last market session.
Following this event, it is urgent to emphasize the importance of diligence and caution in the cryptocurrency space, where seemingly promising projects can encounter unexpected challenges. Protecting assets is the responsibility of both platforms and users.
