The Resolv platform suffered a severe attack, with its issued stablecoin USR experiencing a 69.1% drop to $0.29 following the attack, causing serious depegging. The attacker exploited protocol vulnerabilities to mint 80 million USR tokens using only 200,000 USDC, subsequently converting through wstUSR to cash out and purchase approximately 9,111 ETH. The team has urgently suspended protocol functions.
This incident once again exposes crypto risks: the "stability" of stablecoins is built upon the rigor of mechanism design, and once vulnerabilities exist, the peg collapses instantly. The key to this attack lies in the defects of the "deposit staking" mechanism—the attacker exploited the protocol's logic allowing users to deposit staked assets and mint USR, amplifying small-scale collateral by multiples to mint stablecoins far exceeding their value.
It is worth noting that Resolv is not an isolated case. From Terra's UST collapse to Curve's Vyper vulnerability, the stablecoin track has repeatedly paid heavy prices due to mechanism design or code bugs. USR's depegging to $0.29 this time means market confidence has been severely shaken, and even if the team recovers the protocol, rebuilding trust will require an extended period. $RESOLV
The Resolv platform suffered a severe attack, with its issued stablecoin USR experiencing a 69.1% drop to $0.29 following the attack, causing serious depegging. The attacker exploited protocol vulnerabilities to mint 80 million USR tokens using only 200,000 USDC, subsequently converting through wstUSR to cash out and purchase approximately 9,111 ETH. The team has urgently suspended protocol functions.
This incident once again exposes crypto risks: the "stability" of stablecoins is built upon the rigor of mechanism design, and once vulnerabilities exist, the peg collapses instantly. The key to this attack lies in the defects of the "deposit staking" mechanism—the attacker exploited the protocol's logic allowing users to deposit staked assets and mint USR, amplifying small-scale collateral by multiples to mint stablecoins far exceeding their value.
It is worth noting that Resolv is not an isolated case. From Terra's UST collapse to Curve's Vyper vulnerability, the stablecoin track has repeatedly paid heavy prices due to mechanism design or code bugs. USR's depegging to $0.29 this time means market confidence has been severely shaken, and even if the team recovers the protocol, rebuilding trust will require an extended period. $RESOLV