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Initia's USDC bridge reserve was depleted to $63 following an October 23 hack, causing withdrawal failures
Initia's USDC bridge reserve was depleted to $63 following an October 23 hack, causing withdrawal failures. Bitquery's investigation revealed the reserve fell from approximately $1 million to an intraday low of $63, with Initia's L1 and rollups halting at 15:41:30 UTC on October 23. The project attributed the exploit to a MoveVM script-caching bug, which allowed attackers to create unbacked WETH, iUSD, and USDC balances. As of October 24, Initia's L1 and rollups remained halted, with recovery work ongoing.
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