USR, an overcollateralized stablecoin natively backed by ETH and maintained by the Resolv protocol, lost its peg on March 22 after an attacker minted millions of unbacked tokens and reportedly extracted at least $25 million.
Here’s how the incident went down, according to blockchain analytics firm Chainalysis.
Attacker Exploits Minting Key to Create $80M in Unbacked USR
In a thread posted on X earlier today, Chainalysis explained that the attacker gained access to Resolv’s AWS Key Management Service, where a privileged signing key was stored. The access allowed them to authorize minting operations using the protocol’s own permissions.
There were two standout transactions, the first minting 50 million USR, and the second adding another 30 million to bring the total to 80 million tokens. But according to Chainalysis, the minting operations were backed by rather small USDC deposits worth between $100,000 and $200,000, which the criminal used to trigger inflated swap outputs.
They th
We współpracy z: https://cryptopotato.com/how-the-25m-resolv-usr-minting-heist-happened/
