Resolv Labs Burns Stolen Tokens After $34M DeFi Breach
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Hacker used a compromised key to mint ~80 million unbacked USR; ~34 million USR were sold for 11,409 ETH (~$34M), triggering a sharp USR price drop. Resolv Labs upgraded contracts and burned ~36.73 million stolen USR to mitigate losses, but the incident exposes critical off-chain minting approval risks for DeFi stablecoins and poses security and market-impact concerns.
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- Resolve lab hacker minted 80 million unbacked USR tokens using a compromised key.
- Resolv Labs burned 36.7 million tokens to reduce the $34 million impact.
- The exploit triggered a sharp USR price drop and exposed off-chain risks.
Resolv Labs moved quickly to contain a major security breach that threatened its USR stablecoin ecosystem. The incident began when a hacker exploited a minting vulnerability, generating roughly 80 million USR tokens without proper collateral. Of these, approximately 34 million USR tokens were sold immediately for 11,409 ETH.
The breach highlighted a critical flaw in Resolv’s reliance on off-chain infrastructure for minting approvals.
By upgrading its smart contract, Resolv Labs successfully destroyed approximately 36.73 million USR tokens held by the hacker, mitigating a significant portion of the potential financial loss, estimate…
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