Resolv Stablecoin Suffers 70% Collapse After $80 Million Exploit

Resolv's USR stablecoin has suffered a significant blow after an $80 million exploit left the protocol facing financial difficulties.

The attack allowed a malicious actor to gain unauthorized access to Resolv's infrastructure and mint approximately $80 million in uncollateralized USR tokens. The team took swift action by pausing smart contracts and burning roughly 9 million of the illicitly minted tokens, but the damage had already been done.

The protocol now holds around $95 million in assets against liabilities of over $173 million, leaving it functionally insolvent. The current supply of USR consists of 102 million pre-incident tokens and approximately 71 million illicitly minted tokens still circulating. This results in a collateralization ratio of just 55%.

The team is facilitating an allowlist process for pre-incident USR holders to redeem their tokens, which would absorb the $95 million in assets held by Resolv. However, this would leave those who missed the deadline with a significantly reduced value for their tokens, currently trading at $0.27 on CoinGecko.