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Resolv Labs Warns Of USR Stablecoin Depeg
Resolv Labs have made a public comment about the security breach in the USR stablecoin smart contract.
Resolv Labs stablecoin experiences a hack and minting operations have been frozen to deal with the issues (Markus Spiske / Unsplash)
USR Stablecoin has experienced a security breach.
The delta-neutral stablecoin issued by Resolv Labs has encountered a hacked smart contract issue allowing the perpetrator to mint over 80M USR stablecoins. Currently, the team has paused all minting capabilities, with the value depeg going down to $0.5 to the $1 dollar target. The team has provided users with an update following the incident.
Founder and CEO Stani Kulechov from Aave has also given an update to users in the Aave ecosystem, stating that there has been no direct exposure to the USR stablecoin and therefore no impact to the capacity of the popular DeFi lending protocol‘s operations.
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