ResolvLabs' $USR Stablecoin Suffers $80M Exploit, Depegs Severely
ResolvLabs' $USR stablecoin suffered an $80 million exploit via StreamDefi, leading to a severe de-pegging and the immediate pausing of all Resolv markets on Fluid. The incident stemmed from a contract vulnerability that allowed an attacker to mint tens of millions of $USR tokens with minimal initial capital. Reports indicate the attacker spent approximately $100,000 $USDC to create around 50 million non-collateralized $USR tokens through a completeSwap function.
The exploit triggered a de-pegging of $USR from its dollar peg, with its price plummeting over 70% to lows between $0.20 and $0.28. Following the initial drop, the price saw a partial rebound, reaching approximately $0.77 to $0.9 before stabilizing. As of reporting, $USR is trading at $0.418498, reflecting a 24-hour decline of 58.1%. The attacker subsequently acquired 11,422 $ETH, valued at $23.66 million, transferring 11,318 $ETH to a new address (0x8ED…9b81C) within an hour of the transaction. Earlier reports indicated $4.5 million of the illicitly minted funds were rotated into $ETH. The exploit also created an arbitrage opportunity on platforms like Morpho, where users reportedly borrowed $USDC against $USR at a 1:1 peg due to delayed oracle updates.
In response, ResolvLabs stated that no underlying collateral for $USR was lost, with initial understanding that losses are outside the protocol. The team is evaluating next steps, which include a redeployment of $USR based on a snapshot, or the socialization of losses among $USR holders, AMM LPs, and lending markets. These measures involve the existing $130 million backing of $USR and a $38 million RLP insurance tranche, or a plan to issue new tokens to $USR holders based on pre-hack balances. The governance token, $RESOLV, dropped 10.3% over 24 hours to $0.054600, and funding rates for $RESOLV plummeted to -1200%.
Solana Coordinated Hack Allegations Surface, User Reports $6,000 Loss
Allegations have surfaced regarding an ongoing, large-scale, and coordinated hacking operation specifically targeting the Solana blockchain. These claims were brought to public attention through a direct report made by an affected user to ZachXBT, a well-known on-chain investigator, who stated a personal financial loss of $6,000 directly attributable to this alleged coordinated activity. Specific technical details regarding methods or exploited vulnerabilities across the Solana network have not been publicly detailed. The incident is under investigation by on-chain experts, with no further details released.
Trump's Iran Threat Roils Crypto Markets
The cryptocurrency market experienced a rapid downturn after former President Trump threatened to "obliterate Iran" within 48 hours. This intensified geopolitical concerns, leading to immediate declines across major digital assets. In the immediate aftermath of the statement, $BTC recorded a 2.25% drop over a 24-hour period, with its price falling to $68942.00. The Fear & Greed Index plummeted to 0 out of 100, signaling extreme fear among investors – its lowest possible reading. Despite the sharp price correction and the pronounced fear index, $BTC social sentiment registered 74.3% bullish, maintaining its position within its typical baseline range of 65-75% bullish. Concurrently, the $BTC Long/Short ratio revealed 75% of positions were held as long, despite the market volatility.
SEC Reportedly Greenlights Nasdaq Tokenized Stocks
The U.S. Securities and Exchange Commission (SEC) has reportedly approved tokenized stocks for listing on Nasdaq, marking a key step in integrating traditional financial markets with blockchain technology. This development is expected to boost the Real World Assets (RWA) narrative.
Ondo Finance ($ONDO), a key RWA project, manages over $2 billion in Total Value Locked (TVL). Despite the SEC's reported approval, $ONDO's price is presently $0.26, an 88% decline from its all-time high. The tokenized stocks sector as a whole has recently surpassed $1 billion in total value locked, with Ondo Finance holding 58.56% dominance within this specific market segment. The project itself manages $604.5 million TVL across 202 distinct tokenized assets.
Major exchange Binance has also introduced tokenized versions of leading stocks, including NVDAon, TSLAon, and GOOGLon, enabling 24/7 trading access. This regulatory advancement has coincided with $ONDO frequently appearing among top RWA projects by social activity (e.g., 15% increase in mentions over the past week), indicating increased interest in the tokenized stock market.