Resolv Labs Burns 36.73 Million USR After Exploit Minted 80 Million Tokens
Resolv Labs said a contract upgrade burned 36.73 million USR still held by the attacker after the exploit, while about 34 million USR had already been sold for 11,409 ETH.
ETH
Fact Check
The numeric details in the claim are directly supported by the fetched article "Resolv Labs burns hacked USR as exploit losses hit $34m" and the fetched PANews article "Resolv Labs通过升级合约将黑客持有的3673万枚USR销毁 | PANews", both of which state that 36.73 million USR held by the attacker were burned through a contract upgrade and that about 34 million USR had already been sold for 11,409 ETH. The independent Chainalysis analysis "The Resolv Hack: How One Compromised Key Printed $23 Million" corroborates the broader exploit mechanics, especially that roughly 80 million unbacked USR were minted. While I could not directly fetch the cited EmberCN X post, it was identified via media tracing from the Odaily link and was also linked from the fetched PANews and crypto.news pages, which strengthens confidence in the quoted figures.
Summary
Resolv Labs said it burned 36.73 million USR held by the hacker through a contract upgrade after an exploit on March 22 allowed the attacker to mint 80 million unbacked USR. According to the project, the attacker sold about 34 million USR for 11,409 ETH, valued at $24.48 million, and the exploit resulted in an actual loss of $34 million. The update clarifies the burn amount and states that the destroyed tokens were those remaining in the hacker-controlled address.
Terms & Concepts
- contract upgrade: A change to a smart contract system that can modify functionality or address vulnerabilities, including actions such as disabling or burning compromised tokens.
- token minting: The creation of new digital tokens on a blockchain. Unauthorized minting can inflate supply and enable an attacker to extract value.
- ETH: The native cryptocurrency of the Ethereum blockchain, used for transactions, fees, and trading across Ethereum-based markets.