The USR stablecoin developed by Resolv Labs has lost its peg to the US dollar due to a large-scale hacker attack that exploited a vulnerability in the smart contract. The attacker took advantage of a flaw in the protocol, creating tens of millions of unsecured USR tokens, a significant portion of which was quickly withdrawn and converted into other crypto assets.
This is reported by Business • Media
Details of the Hacker Attack and Project Response
The incident occurred on March 22, 2026. According to blockchain information, the attacker initially injected about $100,000 in USDC stablecoin into the protocol, and then, exploiting the vulnerability, generated around 50 million USR. Later, PeckShield analysts reported that the total number of created tokens could have reached 80 million USR.
“The team has currently suspended all protocol functions to prevent further malicious actions and is actively working on recovery,” stated Resolv Labs.
D2 Finance experts note that a likely cause of the incident was a breach in the asset issuance mechanism. Possible factors include oracle compromise, errors in the external transaction confirmation scheme, or lack of proper verification of the amount during issuance.
Withdrawal of Funds and Market Consequences
Following the issuance, the attacker began mass withdrawals. According to D2 Finance data, about 50 million USR was distributed through various DeFi protocols, where it was exchanged for USDC and USDT, and later converted to Ethereum. Some tokens were sold at a significant discount, leading to an even greater drop in their value.
In the wake of the attack, USR rapidly lost its peg to the dollar: in one of the Curve Finance pools, the rate briefly dropped to $0.025. Experts estimate that the hacker managed to withdraw at least $25 million. At the time of publication, USR is trading around $0.04, remaining far from the target level of $1.
The incident occurred despite an overall decrease in the number of cryptocurrency hacks in February 2026. At the same time, analysts emphasize that attacks on DeFi protocols continue to pose a significant threat to user security and market liquidity.
USR/USDC exchange rate dynamics in the Curve Finance pool. Data: DEX Screener.