Resolv stablecoin drops 70% after $80 million exploit after attacker mints USR

The protocol holds $95 cardinal successful assets against $173 cardinal successful liabilities, leaving it functionally insolvent. USR is trading astatine $0.27, down 72% successful a week.

Mar 23, 2026, 6:23 a.m.

A stablecoin is expected to beryllium worthy a dollar. Resolv's USR is worthy 27 cents and the mathematics to hole it doesn't work.

Resolv Labs confirmed implicit the play that a malicious histrion gained unauthorized entree to protocol infrastructure done a compromised backstage cardinal and minted astir $80 cardinal successful uncollateralized USR. The squad paused astute contracts and burned astir 9 cardinal of the illicitly minted tokens, but the harm was already done.

Unlike astute declaration bugs that tin beryllium patched, cardinal compromises are infrastructure failures that nary magnitude of codification auditing tin prevent.

Current USR proviso consists of 102 cardinal pre-incident tokens positive astir 71 cardinal illicitly minted tokens that are inactive circulating. The protocol holds astir $95 cardinal successful assets arsenic of Monday morning, down from $141 cardinal cited successful Resolv's archetypal connection arsenic redemptions drain what's left.

Against full liabilities of astir $173 cardinal successful outstanding USR, that's a collateralization ratio of astir 55%.

If pre-incident USR holders redeem first, which is what Resolv is facilitating done an allowlist process targeting March 23, the $95 cardinal successful assets gets absorbed by the 102 cardinal successful morganatic USR. That's astir 93 cents connected the dollar for those who get done the door.

USR is trading astatine $0.27 connected CoinGecko, down 72% implicit the past week and 61% successful the past 24 hours alone. The 24-hour scope stretched from $0.14 to $0.82, reflecting chaotic trading arsenic the marketplace tried to terms successful the exploit's severity. Daily measurement deed $8.4 cardinal against a marketplace headdress of conscionable $54 million, meaning a important chunk of the remaining proviso changed hands successful a azygous day.

DeFiLlama information shows Resolv's TVL peaked adjacent $684 cardinal successful February 2025 earlier declining done the twelvemonth to astir $95 cardinal pre-exploit. The protocol had raised $10 cardinal successful backing and was generating astir $5.28 cardinal successful annualized fees. That gross watercourse is present efficaciously dead.

Ledger CTO Charles Guillemet said successful an X station that the exploit "will make atrocious indebtedness connected immoderate lending markets, peculiarly successful circumstantial pools," flagging that immoderate Morpho pools utilizing USR arsenic collateral had already been exited.

Resolv said the underlying collateral was not straight compromised and that the onslaught came done "unauthorized third-party actions, including a targeted infrastructure compromise and cyberattack." The squad said it was moving with instrumentality enforcement and onchain analytics firms and would "pursue each disposable avenues to retrieve assets."

The protocol powerfully advised against trading USR oregon related Resolv tokens portion betterment measures are being implemented, adding that "actions of users during post-exploit play whitethorn impact the recovery," a enactment that suggests trading could complicate immoderate aboriginal claims process.

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