Initia hack drove its USDC bridge reserve down to $63 as withdrawals failed

USDC withdrawal attempts on Initia failed after an attacker depleted the reserves needed to cash out tokens held on the blockchain network, according to Bitquery's investigation of the October 23 exploit . The Noble blockchain held the USDC reserve backing representations of the stablecoin on Initia. Bitquery found that this reserve fell from about $1 million before the cash-outs to an intraday low of $63 at 15:37 UTC on October 23. It reported roughly $24,000 at its later 18:52 UTC check that day.

Source: CryptoSlate