Bitquery attributed the failed USDC withdrawals to the October 23 exploit, which drained Initia’s bridge reserve held on the Noble blockchain. The reserve fell from about $1 million before the attack to $63 at 15:37 UTC and stood at only $24,000 at 18:52 UTC that day. The investigation distinguished roughly $3 million in assets actually paid from the reserve from $7 million in face-value unauthorized balances, while 55 ordinary withdrawal attempts failed before the network was halted. Initia attributed the exploit to a MoveVM script-caching bug that allowed unbacked WETH, iUSD and USDC balances to be created without minting native INIT tokens. As of October 24, the network remained halted, a patched and audited fix was expected within days, and no firm restart date or reimbursement terms had been provided.
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