According to a recent LinkedIn post from The Block, an attacker reportedly exploited a flaw in Resolv’s USR minting contract to create roughly 80 million unbacked tokens from about $200,000 in USDC. The post notes that USR briefly crashed to $0.025 on Curve before partially recovering to around $0.85, while the RESOLV governance token fell about 9%.
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The post indicates that the attacker used the illicitly created stablecoins to purchase 11,409 ETH, valued at approximately $23.7 million at current prices, and also holds $1.1 million in wrapped USR at another address. Analysts cited in the post attribute the exploit to a privileged minting role controlled by a single externally owned account without mint limits or oracle checks.
As referenced by The Block, Resolv Labs stated on X that it paused all protocol functions and asserted that its collateral pool “remains fully intact” with “no underlying assets” lost. For investors following the broader DeFi and stablecoin ecosystem rather than The Block’s own financials, the incident underscores ongoing smart-contract and governance risks that can trigger severe short-term price dislocations and may influence regulatory scrutiny and risk premiums across similar protocols.