A stablecoin is supposed to be worth one dollar. Resolv’s USR is worth 27 cents and the calculations to fix it don’t work.
Resolv Labs confirmed over the weekend that a malicious actor gained unauthorized access to the protocol’s infrastructure via a compromised private key and minted approximately $80 million in unsecured USR. The team stopped smart contracts and burned approximately 9 million illicitly minted tokens, but the damage was already done.
Unlike smart contract bugs that can be fixed, key compromises are infrastructure failures that no code audit can prevent.
This notice is issued on behalf of Resolv Digital Assets Ltd. in connection with the Resolv protocol.
Earlier today, a malicious actor gained unauthorized access to Resolv’s infrastructure via a compromised private key, resulting in the minting of approximately $80 million of…
– Resolv Laboratories (@ResolvLabs) March 22, 2026
The current USR supply consists of 102 million pre-incident tokens plus approximately 71 million illicitly minted tokens still in circulation. The protocol has roughly $95 million in assets as of Monday morning, up from $141 million cited in Resolv’s initial statement, as redemptions deplete what’s left.
Against a total liability of about $173 million in outstanding USR, that’s a collateral ratio of about 55%.
If pre-incident USR holders redeem first, which is what Resolv is facilitating through a whitelist process scheduled for March 23, the $95 million in assets are absorbed by the $102 million in legitimate USR. That’s about 93 cents on the dollar for those who walk through the door.
USR is trading at $0.27 on CoinGecko, down 72% from last week and down 61% in the last 24 hours alone. The 24-hour range spanned between $0.14 and $0.82, reflecting chaotic trading as the market attempted to gauge the severity of the exploit. Daily volume reached $8.4 million against a market cap of just $54 million, meaning a significant portion of the remaining supply changed hands in a single day.
Data from DeFiLlama shows that Resolv’s TVL peaked at around $684 million in February 2025 before declining over the course of the year to around $95 million before the exploit. The protocol had raised $10 million in funding and was generating approximately $5.28 million in annualized fees. That revenue stream is now effectively dead.
Ledger CTO Charles Guillemet said in an
Resolv Labs was blown up. USR worth $50 million were minted without collateral.
It lost its peg and is now trading around ~$0.5, with lows below $0.2.
This will create bad debts in some credit markets, particularly in specific groups.
Some Morpho groups that use USR as collateral have… https://t.co/uo69WEd9IE—Charles Guillemet (@P3b7_) March 22, 2026
Resolv said the underlying collateral was not directly compromised and that the attack occurred through “unauthorized actions of third parties, including a targeted infrastructure compromise and a cyberattack.” The team said it was working with law enforcement and on-chain analytics companies and would “pursue all available avenues to recover assets.”
The protocol strongly advises against trading related USR or Resolv tokens while recovery measures are being implemented, adding that “user actions during the post-exploitation period may impact recovery,” a line that suggests trading could complicate any future claims process.
