REAL CRYPTO HACKS
The USR stablecoin has plunged as low as $0.05 after an attacker minted tens of millions of unbacked tokens, triggering a sharp de-peg and forcing the managing Resolv protocol to halt operations.
The token later recovered partially to trade around $0.28 as of 09:00UTC on 23 Mar, but remained far below its intended $1 peg following the incident.
Resolv said a malicious actor gained access to protocol infrastructure via a compromised private key, allowing the minting of roughly $80mn of uncollateralized USR and flooding the market with excess supply, according to a statement from the firm.