- Dollar stablecoin Resolv USR (USR) lost 78% of its value due to a cyberattack on the Resolv Labs protocol.
- To prevent losses, protocol functions are limited and services are not working.
Pegged to the dollar exchange rate stablecoin Resolv USR (USR) has plummeted 78% in price, leaving many wondering why.
On March 22 at 05:30 Moscow time, the USR rate detached from $1 and within 15 minutes collapsed to $0,22. The asset’s value then almost returned to its previous level, but the bearish trend resumed, and its value is now $0,81.
Turbulence in the USR market
The reason for the collapse of the Resolv USR rate was A successful cyberattack on the Resolv Labs protocol, which issued stablecoins, resulted in the attacker creating 80 million USR for 200,000 USDC (USDC), leaving the lion’s share of the coins unbacked and devalued. To keep their loot, the hacker began exchanging the cryptocurrency for USDC (USDC) and other tokens through an aggregator. DeFi Velora.
Transactions related to the issuance of unsecured USRs
Resolv Labs employees confirmed The hack was carried out, and all protocol functions were disabled for security reasons, so the platform’s services are currently unavailable. The platform’s losses are estimated at $80 million, and it’s still unclear whether specialists will be able to recover even a portion of the stolen funds.
The amount of assets locked in the protocol estimated $164,6 million, suggesting the startup has lost a third of its savings. Considering the company’s revenue was only $3,89 million in the first quarter of 2026, it’s clear its employees will have a hard time compensating for the losses.
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