Resolv’s USR stablecoin depegs after $80M exploit hits supply

Resolv’s USR stablecoin experienced a significant depegging event on Sunday following a smart contract exploit. Onchain analysts Ai Yi and PeckShield reported that an attacker minted 80 million USR tokens and subsequently sold them on decentralized exchanges. This action caused the stablecoin’s price to drop to as low as $0.2 before partially recovering to around $0.8, according to CoinGecko. Resolv Labs, the protocol’s developer, has temporarily halted operations to investigate the exploit and mitigate further damage. USR is an on-chain stablecoin that maintains its peg through over-collateralization with crypto assets like ETH, staked Ethereum, and Bitcoin. The protocol’s native token, RESOLV, also experienced a price drop of 6% to $0.054 following the news.

(Source：Crypto Briefing)