Resolv Says 98% of Whitelisted USR Redemptions Completed After Exploit

Gauntlet said it removed multiple Resolv-linked vault markets tied to about $11.9 million in liquidity after the exploit, citing the lack of a remediation plan from Resolv Labs and ongoing recovery efforts.

USDC

Summary

Gauntlet removed multiple Resolv-linked vault markets following the Resolv exploit, affecting about $11.9 million in liquidity. The firm said Resolv Labs has not released a remediation plan and that it is pursuing full fund recovery. It also said Resolv USDC v1.1 markets will be removed after a three-day timelock. This adds a new market-level response to Resolv’s earlier update that 98% of whitelisted USR redemptions had been completed, while the project said it remained committed to 1:1 repayment for non-whitelisted users who held USR before the incident and had found no evidence of insider involvement so far.

Terms & Concepts
  • Exploit: A security breach that takes advantage of a vulnerability in a protocol or system to improperly access or move funds.
  • Redemptions: The process of users exchanging a token or digital asset back for the underlying asset or promised value.
  • Timelock: A built-in delay before a protocol change takes effect, giving users and stakeholders time to review or react to the action.