Resolv stablecoin drops 70% after $80 million exploit after attacker mints USR

Resolv Labs confirmed that a malicious actor gained unauthorized access to protocol infrastructure using a compromised private key, resulting in the minting of approximately $80 million in uncollateralized USR stablecoins. The team paused smart contracts and burned some illicit tokens, but the protocol is now functionally insolvent, holding about $95 million in assets against $173 million in liabilities. USR is trading significantly below its $1 peg, down over 70% in a week, as the $95 million in assets will likely be absorbed by pre-incident token holders redeeming first through an allowlist process. The exploit, which involved an infrastructure failure rather than a smart contract bug, has caused bad debt on some lending markets, and Resolv is advising against trading USR while working with law enforcement.

(Source：CoinDesk)