Resolv Labs’ stablecoin depegs as attacker mints millions of tokens

An attacker has exploited the Resolv USR stablecoin to mint 80 million tokens and has reportedly been able to cash out at least $25 million.

A stablecoin tied to the crypto project Resolv Labs has lost its peg to the US dollar after an attacker was able to exploit the token’s contract to create millions of tokens for themselves.

Resolv Labs posted to X on Sunday that it had experienced an exploit that allowed an attacker to mint 50 million unbacked Resolv USR (USR). “The team has currently paused all the protocol functions to prevent further malicious actions and is actively working on recovery,” it added.

The X account “yieldsandmore” had posted to the platform earlier on Sunday that USR had crashed after on-chain data showed an attacker was able to mint 50 million USR by depositing $100,000 worth of the stablecoin USDC (USDC).

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