Initia USDC Bridge Reserve Collapses to $63 Amid Failed Withdrawals
Initia's USDC bridge reserve was drained to just $63 following a hack, causing withdrawal failures and prompting a recovery effort.
Initia's USDC bridge reserve was drained to just $63 following a hack, causing withdrawal failures and prompting a recovery effort. USDC (USDC) is trading at $0.9996. This is an original TLT brief based on reporting by CryptoSlate, with live market data added, as of Sun, 25 Oct 2026 21:15:02 UTC.
The incident highlights vulnerabilities in cross-chain bridges and the risks of relying on centralized reserves to back decentralized assets.
- Initia's USDC bridge reserve dropped to $63 after a hack.
- Users experienced failed withdrawal attempts due to depleted reserves.
- Project team is working on a patch and recovery plan.
- Circle Defends USDC Model Amid Stablecoin Reserve Revenue Debate
- Initia USDC Bridge Reserve Collapses to $63 Amid Failed Withdrawals — this brief
Initia, a crypto project offering cross-chain functionality, suffered a security breach that resulted in its 
USDC bridge reserve being drained to just $63. This information was revealed through on-chain data analyzed by Bitquery and reported by CryptoSlate.
The compromised reserve balance caused users to experience failed withdrawal attempts, as there were insufficient funds to process transactions. This incident underscores the risks associated with centralized reserves in decentralized systems.
In response to the breach, the Initia team has announced that they are working on a patch to address the vulnerability and have initiated recovery efforts. The specifics of the recovery plan have not yet been disclosed.
This incident follows a pattern of security issues affecting cross-chain bridges, which have become attractive targets for hackers due to the large amounts of assets they typically hold.
The broader crypto market remains relatively stable, with a total market cap of $2.76T. USDC, the stablecoin involved in the incident, is currently priced at $0.999577 with minimal price movement.
Since this brief published about 2 hours ago, USDC (USDC) has moved from $0.9996 to $0.9996 — +0.00%.
The chart plots USDC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDC ≈ ₦1,380.45 (about $0.9996), up 0.0% over 24 hours. The naira itself trades about 4.2% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 25, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Initia USDC Bridge Reserve Collapses to $63 Amid Failed With — questions & answers
How much was stolen from Initia's USDC bridge reserve?
The reserve was drained to just $63, according to on-chain data from Bitquery.
What is Initia doing to address the issue?
The team is working on a patch and has started recovery efforts, though details are not yet available.
What are the implications for other cross-chain projects?
The incident highlights the need for improved security measures in cross-chain systems and the risks of centralized reserve management.
How much is 1 USDC worth in naira today?
About ₦1,380.45 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.9996. The naira price moves with both USDC's US-dollar price and the USDT/NGN rate; use our USDC in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from CryptoSlate. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.