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EVENT / TOPICHistorical

Initia USDC bridge reserve depleted after hack

1 reports1 sources10/25/2026 updated

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AI overview

Initia's USDC bridge was hacked on October 23, exploiting a MoveVM script cache vulnerability that allowed the attacker to generate unbacked WETH, iUSD, and USDC balances. According to Bitquery, the bridge reserve dropped from approximately $1 million to $63 by 15:37 UTC, then recovered to around $24,000 by 18:52 UTC. Withdrawals failed following the exploit.

Written with AI from the reporting · updated 10/25/2026

Latest developmentOct 26, 03:45
Initia USDC bridge reserves depleted to $63 after October 23 hack, withdrawals halted
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  1. 1Unclassified fact stationOct 23, 00:00recorded Oct 26, 04:16single sourcerevised

    Initia USDC bridge reserve depleted to $63 after hack

    Read original source ↗ CryptoSlateReplay this moment in the explorer
    Evidence & revisions · 1 source records
    Subject：
    initia
    Action：
    USDC bridge reserve depleted
    Object：
    USDC reserves
    Occurred (fact side)：
    Oct 23, 00:00
    CryptoSlate ↗Report pageRevision 2 · currently revised
    Published (valid side)：
    Oct 26, 03:45
    First seen (known side)：
    Oct 26, 04:16
    Fact stationSingle source · one-sided claimRevised

    Copy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.

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Oct 26
  1. CryptoSlateRelated fact: single sourceSource report revised
    Initia USDC bridge reserves depleted to $63 after October 23 hack, withdrawals halted

    Report first recorded Oct 26, 04:16

    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.

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