Hacker attack on Resolv: the USR stablecoin collapsed by 56%
The Resolv protocol suffered a serious hack, resulting in the attacker withdrawing about $25 million and destroying the USR stablecoin's peg to the dollar.
Main points:
Nature of the attack: Due to a vulnerability in the smart contract, the hacker deposited only 100,000 USDC but was able to issue 50 million unsecured USR tokens (500 times the deposit).
Currently, the USR exchange rate has fallen to $0.44. The hacker massively dumped assets through liquidity pools, causing panic and a crash.
Funds were withdrawn through conversion to wstUSR and further swaps and bridges to other networks.