DeFi responds to USR exploit as Resolv reports no assets lost

first published 2026-03-22T05:47:02Z

An attacker exploited Resolv Labs' USR stablecoin minting function to create at least 50 million unbacked USR (reports of an additional ~30M), prompting Resolv to pause protocol functions. The attacker swapped minted USR across protocols into USDC/USDT and then ETH, extracting an estimated $25 million while USR plummeted (as low as $0.025 on Curve, ~ $0.87 on CoinGecko). Security firms (PeckShield, D2 Finance) say the minting function was broken — possible causes include a gamed oracle, compromised off-chain signer, or missing amount validation — and recovery efforts are ongoing.

AI Analysis

Attacker minted tens of millions of unbacked USR (50M reported, +30M reported), protocol functions were paused, attacker swapped funds into USDC/USDT/ETH and extracted an estimated $25M, and USR traded as low as $0.025 on Curve and ~ $0.87 on CoinGecko; security firms identified a broken minting function and listed possible causes, indicating a concrete exploit with immediate market consequences.

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