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Resolve Attacker Used 100,000 USDC to Mint 50 Million USR

Resolve Attacker Used 100,000 USDC to Mint 50 Million USR

Resolv Labs confirmed the exploit and said protocol functions were paused after 50 million unbacked USR stablecoins were minted, as the team works to contain the incident and pursue recovery.

ETH
USDT
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Fact Check
The exploit is officially confirmed by the protocol's own team (Resolv Labs) on their verified social media account. On-chain data analyzed by multiple sources (Ai 姨, PANews, Blockchain.news) consistently describes the 100,000 USDC to 50 million USR minting mechanism.
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Summary

Resolv Labs confirmed an exploit involving the minting of 50 million unbacked USR stablecoins. The existing details indicate the attacker used 100,000 USDC to mint the tokens, converted 35 million USR into wstUSR, swapped the wrapped token for USDC and USDT, and then used part of the proceeds to purchase about $4.55 million in Ethereum. According to the team, all protocol functions have been paused to prevent further malicious activity while recovery efforts are underway.

Terms & Concepts
  • USR stablecoins: USR is the stablecoin involved in the exploit; stablecoins are digital tokens designed to maintain a relatively stable value, often by referencing a fiat currency.
  • wstUSR: A wrapped version of USR used within blockchain transactions, typically representing a converted or staked form of the underlying token.
  • Mint: To create new tokens on a blockchain through a smart contract, whether legitimately or, in this case, through an exploit.