Decentralized finance platform Resolv suffered a breach after a compromised private key allowed an attacker to mint about $80 million of uncollateralized USR and trade much of it for roughly 11,408 ETH (≈ $24.5M), causing USR to depeg to about $0.26. Resolv has paused its app, enabled redemptions for verified users, offered the attacker 10% of recovered ETH to return funds, and is tracing and containing the illicit coins while Chainalysis attributes the failure to overly trusting off‑chain infrastructure. #Resolv #USR
Keypoints
- An attacker compromised a Resolv private key and minted about $80 million of unbacked USR.
- The attacker swapped minted USR for roughly 11,408 ETH (≈ $24.5 million), causing USR to depeg to about $0.26.
- Resolv offered the attacker 10% of the recovered ETH if returned and warned of exchange freezes, law enforcement, and legal action.
- Chainalysis identified the root cause as overreliance on off‑chain infrastructure and a missing minting cap tied to a signing key.
- Resolv paused its app, enabled redemptions for verified users, and is tracing and attempting to contain the illicit USR.
Read More: https://therecord.media/hacker-breaches-resolv-defi-25-million