Initia hack leaves USDC bridge reserve at $63 as withdrawals fail
AI summary
Initia suffered a hack that drained its USDC bridge reserve down to just $63, leaving users unable to withdraw funds. Bitquery attributed the failed exits to depleted backing for Initia balances, and the project has outlined a patch along with ongoing recovery work. Traders should watch bridge reserves and withdrawal functionality closely, since a near-empty reserve signals a serious solvency and trust problem for the affected chain.
