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.