According to a recent LinkedIn post from The Block, an attacker reportedly exploited a flaw in Resolv’s USR minting contract to create about 80 million unbacked tokens from roughly $200,000 in USDC. The post notes that USR briefly crashed to $0.025 on Curve before rebounding to around $0.85, while the RESOLV governance token declined about 9%.
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The LinkedIn 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 still holds around $1.1 million worth of wrapped USR at another address. Analysts cited in the post attribute the vulnerability to a privileged minting role controlled by a single externally owned account with no mint limits or oracle checks.
As shared in the post, Resolv Labs stated on X that it has paused all protocol functions and asserted that its collateral pool remains fully intact with no underlying assets lost. For investors, the incident underscores ongoing smart-contract and governance risks in DeFi protocols, which may weigh on sentiment toward smaller stablecoin projects and could increase regulatory and due‑diligence scrutiny across the sector.