Resolv Labs burns hacked USR as exploit losses hit $34m

Resolv Labs burned 36.7 million USR stablecoins after a security breach allowed an attacker to mint 80 million unbacked tokens through key compromise. The exploit resulted in $24.5 million in ETH being dumped and created a $34 million hole in the protocol's reserves.

• →Resolv Labs suffered a major exploit where attackers minted 80 million unbacked USR tokens through key compromise.
• →The protocol burned 36.73 million hacked USR tokens as part of damage control measures.
• →Attackers successfully dumped $24.5 million worth of ETH from the exploit.
• →Total losses to the protocol amount to approximately $34 million.
• →The incident highlights ongoing security vulnerabilities in DeFi stablecoin protocols.