I was watching some lore videos on the asura, and how they were living in proximity to the Mursaat, architecture similar, magics similar ... so then I thought, well if the exalted were humans that sort of transformed due to the ED threat ... why not the asura transforming into the Mursaat in the previous cycle?
And considering how long ago it was, it's realistic to expect this connection to be lost. Especially in the records of the dwarves, if we imagine a scenario where only the asura elite became Mursaat and then interacted with the other races, while the other asura remaining hidden.
The asura are not exactly an egalitarian society ... it is not unimaginable that only the most privileged could be transformed while others were left to fend for themselves.
It also ties in nicely with asuran supremacist tendencies ... when the Mursaat appeared in Kryta it could've been an advanced force, a vanguard, preparing the asuran rise to the surface and eventual conquest ... but those plans were messed up with dragons waking again. Tough luck.
I mean, we can extrapolate lots of ideas, but I think the main can work ... the asura were there in the past cycle and they made the Mursaat to fight the dragons, just like Exalted were made ...