Resolv's USR stablecoin suffered a major hacking attack that led to $80 million worth of unbacked tokens being minted and about $25 million being stolen, The Block reported on March 22.

The hacker deposited 100,000 USDC into a Resolv USR counter contract and launched the attack by obtaining 50 million USR, a 500-times amount, the report said.

USR is a dollar-pegged stablecoin that uses a delta-neutral hedging strategy based on ETH and BTC. After the attack, USR slid to $0.025 on a Curve Finance pool. It later rose to around $0.85 but did not fully regain its one-to-one peg with the dollar, The Block reported.

The hacker swapped USR for USDC and USDT and then converted the funds into ETH. The attacker address currently holds about 11,409 ETH.

Resolv Labs acknowledged the attack and halted all protocol functions. It said the collateral pool remains intact without losses.

Security experts pointed to a protocol SERVICE_ROLE account being managed as a single account, and to the absence of oracle verification and issuance limits.

USR was about $400 million before the attack, but its market capitalisation has since plunged to around $100 million, The Block reported.