Resolv Labs Burns Stolen Tokens After $34M DeFi Breach

• Resolve lab hacker minted 80 million unbacked USR tokens using a compromised key.
• Resolv Labs burned 36.7 million tokens to reduce the $34 million impact.
• The exploit triggered a sharp USR price drop and exposed off-chain risks. 

Resolv Labs moved quickly to contain a major security breach that threatened its USR stablecoin ecosystem. The incident began when a hacker exploited a minting vulnerability, generating roughly 80 million USR tokens without proper collateral. Of these, approximately 34 million USR tokens were sold immediately for 11,409 ETH. 

The breach highlighted a critical flaw in Resolv’s reliance on off-chain infrastructure for minting approvals. 

By upgrading its smart contract, Resolv Labs successfully destroyed approximately 36.73 million USR tokens held by the hacker, mitigating a significant portion of the potential financial loss, estimate…

Read The Full Article Resolv Labs Burns Stolen Tokens After $34M DeFi Breach On Coin Edition.