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2h ago

Resolv’s USR Stablecoin Crashes After $80 Million Unauthorized Mint

On-chain analysis points to a single-key privileged role with missing on-chain limits, prompting Resolv to warn users not to trade.

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Resolv exploit triggers USR depeg after $80M uncollateralized mint
Resolv Labs

Overview

  • An attacker exploited USR’s minting flow around 2:21 a.m. UTC Sunday to create roughly 80 million unbacked tokens across two transactions and now holds 11,409 ETH worth about $25 million.
  • USR plunged to as low as just over 2 cents on Curve before stabilizing far below its peg and was trading near $0.27 on Monday, with no full recovery of parity.
  • Investigators cite a single externally owned SERVICE_ROLE plus absent oracle checks, amount validation, and hard mint caps, which let 100,000 USDC return 50 million USR.
  • Resolv paused protocol operations, said the collateral pool remains intact, is working with law enforcement and on-chain analytics, burned about 9 million attacker-held USR, and plans allowlisted redemptions for pre-incident holders.
  • CoinDesk reports the protocol holds about $95 million in assets against $173 million in liabilities, indicating functional insolvency, while major DeFi platforms such as Aave, Morpho, and Lido reported limited direct impact to core systems.