I just saw what happened with Resolv over the weekend. Their stablecoin USR was attacked, and the token dropped from $1 to $0.27 in a few hours. An attacker exploited flaws in the minting contract, created 80 million tokens without any real backing, and withdrew about $25 million in ETH. Basically, they deposited $100k in USDC and received 50 million USR in exchange, which makes no sense at all.

The problem was very structural. The account controlling the minting was linked to a single private key, with no oracle checks, no validation of values, and no maximum issuance limit. Like that blind spot in security that no one pays attention to until someone exploits it. The attacker now has 11.4k ETH in their wallet, valued at around $23.7 million. Resolv is asking people not to trade the token while they work with authorities and on-chain analysis firms to recover the assets.

Resolv’s TVL had reached $684 million back in February, but was already declining before that. Now it’s probably much lower. This is kind of a reminder that even a stablecoin with a sophisticated, ( delta-neutral strategy with ETH and BTC ) can break if the basic design has flaws. Things are complicated.