News analysis
Initia hack leaves USDC bridge reserve at $63 as withdrawals fail, CryptoSlate reports
· By MyCryptoSignal Editorial · 343 words
CryptoSlate reports that a hack on Initia drove the project's USDC bridge reserve down to $63 as withdrawals failed. The outlet cites Bitquery, which linked the failed exits to depleted backing for Initia balances. Initia has outlined a patch and says recovery work is ongoing.
According to CryptoSlate, the failed withdrawals and the depleted reserve are connected: Bitquery traced the failed exits to insufficient backing for Initia balances. The report puts the bridge reserve at $63 at its low point. CryptoSlate's account does not give a loss figure beyond that reserve number.
The project has outlined a patch and describes recovery work as ongoing, per the same report. CryptoSlate published the story on 25 October 2026, with no author byline listed. The report does not state how many users were affected or whether funds have been returned, and we have not independently verified its figures.
As of 21:17 UTC, USD Coin traded at $0.999591, down 0.00097% over 24 hours, according to our collected data. Its 24-hour range was narrow, between $0.999494 and $0.99972. Over seven days it slipped 0.0183% and over 30 days 0.0317%. The 14-period RSI sat at 50.8 with a flat trend, and our data lists support at $0.9997 and resistance at $1.
The wider market was little changed. Total crypto market capitalisation stood at $2.5436 trillion, up 0.1% over 24 hours. Bitcoin dominance was 63.5%, with bitcoin at $80,382 and a 24-hour change of 0.01419%. USDC is the only coin in our appendix for this snapshot, so the stablecoin's peg behaviour is the single asset-level reading available here.
Bridge reserves are the pool that backs withdrawals, so a reserve reported at $63 against user balances describes a gap between claims and available assets. USDC itself held near $0.9996 with a flat RSI, so the strain in our data sits at the project level rather than in the stablecoin's price. Initia's patch and recovery work are the stated next steps; the source does not say how the shortfall will be covered.
Read the full story at CryptoSlate: https://cryptoslate.com/initia-hack-drove-its-usdc-bridge-reserve-down-to-63-as-withdrawals-failed
Data, not advice.
Source: CryptoSlate — see our editorial policy.