The Resolv USD stablecoin, also known as USR, lost its intended dollar <button class="define-target" id="peg">peg</button> and dropped to around $0.14 after an exploiter was able to <button class="define-target" id="mint">mint</button> and sell tens of millions of unbacked tokens. USR is an asset-backed stablecoin that uses cryptoassets like bitcoin, ETH, and other stablecoins as collateral.<p>An exploiter took advantage of a flaw in USR's minting code to create tens of millions of USR tokens without depositing any assets to back them. The attacker then sold the unbacked USR, crashing the stablecoin's price to as low as $0.14. The attacker has profited at least 11,400&nbsp;ETH (~$24&nbsp;million), though they are still selling.</p><p>Some <button class="define-target" id="defi">defi</button> protocols paused USR-exposed strategies to avoid downstream impacts. Resolv issued a statement that the token's collateral pool was unaffected, though this is likely little comfort for those who purchased the unbacked USR.</p>

"Resolv Labs’ stablecoin depegs as attacker mints millions of tokens"

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