Initia MoveVM Exploit Drains USDC Bridge Reserve to $63 — What the $2.7M Cross-Chain Hack Means for Leveraged Crypto Traders
A MoveVM script-caching exploit on Initia drained its USDC bridge reserve from $1.09M to $63 in 36 minutes, extracting ~$2.7M in real assets now held as ~1,135 ETH on Ethereum mainnet; leveraged INIT longs face liquidation risk while USDC's $1.00 peg and Circle's global reserves remain unaffected.