Resolv stablecoin drops 70% after $80 million exploit after attacker mints USR

The protocol holds $95 million in assets against $173 million in liabilities, leaving it functionally insolvent. USR is trading at $0.27, down 72% in a week. What to know : Resolv Labs' USR stablecoin lost its dollar peg after a compromised private key let an attacker mint about $80 million in uncollateralized tokens, leaving the coin trading around 27 cents. With roughly $95 million in assets backing about $173 million in USR, the protocol is only about 55 percent collateralized, and pre-incident holders who redeem first may recover roughly 93 cents on the dollar. Resolv has paused contracts, warned users not to trade USR while recovery efforts are underway, and the exploit is expected to create bad debt in some DeFi lending markets that used USR as collateral.(Coindesk)