Resolv Says No Assets Lost As DeFi Responds To $24M USR Exploit

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.

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 $0.263 at the time of writing, according to data from CoinMarketCap.

In a statement on X, the Resolv team said that the collateral pool “remains fully intact,” and that the problem appears “isolated to USR issuance mechanics.” Containment and impact assessment remain ongoing.

Onchain data from Arkham, corroborated by Web3 security firm Cyvers, showed that the attacker had converted most of the minted USR into Ether, selling part of the haul for about 11,400 ETH, worth around $24 million. Independent analysts also noted that the remaining 36.74 million USR was “still being continuously dumped.”

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