Hacking News
Initia's USDC Bridge Reserve Hit $63 Due to October 23 Hack
Bitquery found that Initia's USDC bridge reserve hit $63 during the October 23 hack. The reserve had a value of about $1 million before the cash-outs, and Bitquery counted 55 failed ordinary USDC withdrawal attempts before the halt. The attacker depleted the reserves needed to cash out tokens held on the blockchain network, according to Bitquery's investigation of the October 23 exploit. Co-founder ItsAlwaysZonny initially estimated that about $3 million had been bridged out before the pause, while Bitquery's estimate was about $3 million in real assets paid from bridge reserves, distinct from the roughly $7 million face value it assigned to unauthorized balances.