Hacker Exploits Resolv Labs Smart Contract, Mints $80 Million in Fake Stablecoins
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timbowhite
2mo ago· 2 min readenNews
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Summary
A hacker exploited a bug in Resolv Labs' smart contract to mint approximately $80 million worth of unbacked USR stablecoins. The protocol's systems detected the attack and locked all transactions, recovering about $55 million of the falsely minted tokens. However, the hacker successfully siphoned $25 million in stablecoins and converted them to ETH through an unidentified DeFi platform. The unexpected mint affected the USR stablecoin, which had a circulation of about 400 million tokens.
Key quotes
· 4 pulledA hacker was able to exploit a bug function in the smart contract of Resolv Labs, which led to the hacker minting fake (unbacked) Resolv USR stablecoins.
Out of the falsely minted $80 million, around $55 million was apprehended by the protocol, which
The hacker was then able to siphon $25 million in stablecoins and quickly exchange them for ETH via an unidentified DeFi platform.
As a direct result of the unexpected mint, USR, which had a circulation of about 400 million tokens
A hacker has exploited Resolv Labs' smart contract, where it was able to mint at least $80 million worth of USR stablecoins.
