Resolv Labs halted all protocol functions Sunday after a smart contract exploit enabled unauthorized minting of 50 million unbacked USR stablecoins. The attack triggered USR's depeg, crashing its value to $0.2 before partial recovery to $0.8.
Attackers dumped the newly minted tokens across decentralized exchanges. The development team is investigating and implementing recovery measures.
RESOLV governance token dropped 6% to $0.054.
USR maintains its dollar peg through over-collateralized crypto assets including ETH and Bitcoin.