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Attacker exploits Resolv USR stablecoin to mint 80 million tokens, cashes out $25M: Resolv Labs

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Attacker exploits Resolv USR stablecoin to mint 80 million tokens, cashes out $25M: Resolv Labs

An attacker has successfully exploited the Resolv USR stablecoin protocol, minting 80 million tokens and withdrawing at least $25 million before the depeg.

An attacker has exploited Resolv Labs’ USR stablecoin to mint 80 million tokens, causing the stablecoin to depeg from its $1 peg. The attacker has reportedly cashed out at least $25 million from the exploit, marking a significant security breach for the protocol.

The incident represents a critical failure in Resolv Labs’ token minting controls and represents a major loss for USR holders and the protocol. Stablecoin exploits of this magnitude underscore ongoing risks in DeFi protocols, particularly around access controls and minting mechanisms.

Sources: ResolvLabs on X, PeckShieldAlert on X

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This article was generated automatically by The Defiant’s AI news system from publicly available sources.

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Crypto World

Bitcoin Down, Oil Up Amid US Strait of Hormuz Blockade

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Bitcoin Down, Oil Up Amid US Strait of Hormuz Blockade

US President Donald Trump said Iran did not want to compromise its nuclear weapons program, stating it was the only issue that “really mattered.”

Bitcoin fell as low as $70,623 on Sunday after the US announced a blockade of the Strait of Hormuz following failed peace talks with Iran.

The price of Bitcoin (BTC) initially fell 1.9% to $71,686 after US President Donald Trump confirmed the blockade in a post to Truth Social on Sunday, adding that peace talks collapsed because Iran refused to end its nuclear program — the only issue that “really mattered.”

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Bitcoin dipped further to $70,623 as the US futures markets opened late on Sunday, with oil shooting up 9.5% to $105 per barrel within half an hour of the market open, with Bitcoin down 2.7% over the day at the time of writing. 

The US-Iran dispute over control of the Strait of Hormuz — which handles one-fifth of global oil trade — has caused significant disruption in the financial markets over the past six weeks, particularly in oil markets, which have experienced their highest volatility since Russia invaded Ukraine in early 2022.

Oil’s change in price over the last month. Source: TradingView

In addition to the ceasefire announced on Tuesday, Iran wanted the US to pay for war reparations and to unfreeze blocked Iranian financial assets. 

Trump didn’t directly address those requests in the Truth Social post, instead blaming the fallout on Iran’s reluctance to end its nuclear weapons program.

Related: Paying Iran in crypto could put shippers at sanctions risk: Chainalysis

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He also labeled Iran’s use of mines on the waterway and demands for tolls as “world extortion,” ordering the US Navy to block any vessels that paid Iran and to destroy the mines.

Bitcoin up since the US-Iran war began

Despite the conflict, Bitcoin has risen about 7.4% to $71,194 since the US-Iran conflict started on Feb. 28, when a US airstrike killed Iran Supreme Leader Ayatollah Ali Khamenei.

Bitcoin has still managed to outperform the S&P 500 and gold since the US-Iran war started, though, clawing back some lost ground from October when Bitcoin hit a high of $126,080.

Magazine: Should users be allowed to bet on war and death in prediction markets?

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