A major vulnerability in Resolv’s USR stablecoin minting system triggered the resolv hack, unleashing severe market disruption across several interconnected DeFi platforms.
How the USR stablecoin exploit unfolded
On Sunday, a sophisticated attacker targeted Resolv‘s USR issuance infrastructure and generated approximately 80 million unbacked tokens, ultimately draining roughly $25 million worth of Ether (ETH) from the protocol. The exploit underscored how a single weakness in a stablecoin‘s minting logic can cascade into a broader market crisis.
The malicious activity began around 2:21 a.m. UTC, when the perpetrator deposited 100,000 USDC into Resolv’s USR Counter contract. In return, the attacker received an anomalous 50 million USR — roughly 500 times the legitimate amount. A subsequent transaction produced a further 30 million tokens. Together, these actions inflated USR’s supply without any corresponding collateral.
Following the unauthorized minting, the at
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