Resolv Labs’ Stablecoin Depegs Amid Exploit

US Dollar-Based Stablecoin USR Crashes Amid Critical Exploit

A popular stablecoin has taken an enormous hit as a logic flaw got severely abused by an attacker.

Resolv Labs' Stablecoin Depegs as Attacker Mints Millions of Tokens

A stablecoin linked to the crypto project Resolv Labs has fallen off its dollar peg after a deliberate exploit allowed an attacker to mint millions of USR tokens. Resolv Labs announced on X that the protocol’s functions were paused to curb further damage and that the team is working on recovery efforts. On Sunday, the attacker minted 50 million USR, apparently by depositing 100,000 worth of USDC, prompting a rapid depeg and a liquidity crunch ac…

Resolv Labs’ Stablecoin Depegs Amid Exploit

Resolv USR, a stablecoin tied to Resolv Labs, has been exploited with an attacker able to mint 80 million tokens and make off with at least $25 million.

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

The exploit undermines trust in decentralized finance, highlighting vulnerabilities in smart contracts and the need for robust security measures. The post Resolv’s USR stablecoin depegs after $80M exploit hits supply appeared first on Crypto Briefing.

Resolv Labs' USR Stablecoin Exploited: Attacker Mints $80M With Just $200K

TLDR: Resolv Labs’ USR minting contract was exploited, allowing 50M USR to be minted with only 100K USDC in a 500x flaw. USR dropped 74.2% to $0.257 before partially recovering to $0.85, leaving liquidity providers with heavy losses. PeckShield confirmed $80M worth of USR was minted, with over $4.55M already converted into approximately 9,100 ETH. Resolv Labs had not issued any official response as the DeFi community called for stronger minting…