Initia Exploit Leaves USDC Reserves at $63 With No Restart Date

Initia Exploit Leaves USDC Reserves at $63 With No Restart Date

What is documented and what nobody has yet concluded divide cleanly in the Initia incident. A hack hit the Initia blockchain on Friday, October 23 (local time), and by 15:37 UTC that day the USDC reserves standing behind the network's withdrawals had collapsed from roughly $1 million to an intraday low of $63.

The exploit resulted in 55 failed withdrawals, leaving the chain halted with no announced restart date. The dramatic drop in reserves highlights the severity of the breach on the Initia network, where the bridge securing USDC assets was compromised.