Initia USDC bridge reserves depleted to $63 after October 23 hack, withdrawals halted

Initia's USDC bridge reserves fell from approximately $1 million to $63 following an October 23 exploit that depleted the funds needed for withdrawals. Bitquery traced failed USDC exits to the hack, noting that about $3 million in real assets were paid from reserves while roughly $7 million in unauthorized balances were assigned face value. The Noble blockchain held the reserve, which hit an intraday low of $63 at 15:37 UTC on October 23. Initia halted its L1 and rollups at 15:41:30 UTC the same day, with asset recovery ongoing as of October 24.