Resolv | Crypto

Resolv’s USR dollar stablecoin is trading at just $0.24 after an attacker minted 80 million unbacked tokens, forcing a full protocol pause and reopening fears over stablecoin risk. Resolv Labs has temporarily paused its protocol after an exploit on Sunday in which an attacker minted 80 million unbacked tokens, knocking the dollar stablecoin sharply off its peg and briefly plunging the token to $0.14. The Resolv Foundation team announced on X on Monday evening that all protocol functions, including the app, were temporarily halted “to contain the impact of the exploit,” freezing Season 4 airdrop claims as well as staking and unstaking of RESOLV tokens. Resolv previously said the collateral pool remained intact with no loss of underlying assets, despite onchain analysis showing that the attacker had successfully converted most of the minted USR into Ether (ETH) and sold around $25 million. USR is currently trading near $0.24, far below its intended dollar peg. Read more

USR issuer Resolv Labs says its collateral pool remains intact after an exploit on Sunday that minted 80 million unbacked tokens and drove the US dollar stablecoin as low as $0.14. Resolv Labs moved Sunday to reassure users after an exploit hit the issuance mechanics of its USR stablecoin, knocking the token off its dollar peg and prompting decentralized finance (DeFi) protocols with exposure to move quickly to contain any fallout. Cointelegraph reported earlier Sunday that an attacker exploited USR’s minting mechanics, creating tens of millions of unbacked tokens and dumping them through DeFi pools, which broke the stablecoin’s peg and prompted Resolv to pause protocol functions as it assessed the damage. The token dropped as low as $0.14 (86% below its intended $1 price) after the exploit before rebounding to $0.42 at the time of writing, according to data from CoinGecko. Read more