Initia USDC bridge reserve drops to $63 low after exploit

Community Trust Score Verified 80 % Real Verified 15 votes Updated 6 minutes ago Bitquery linked failed USDC withdrawal attempts on Initia to depleted reserves backing balances on the network following an exploit on October 23. The investigation found that the USDC reserve held on the Noble blockchain, which backs representations of the stablecoin on Initia, fell from approximately $1 million before the cash-outs to an intraday low of $63 at 15:37 UTC on October 23. Bitquery reported that the reserve contained roughly $24,000 at a later check at 18:52 UTC that same day.

Source: The Currency Analytics