Hacker Mints $80 Million worth of Fake Stablecoins and Swaps Them For ETH

A hacker has exploited Resolv Labs’ smart contract, where it was able to mint at least $80 million worth of USR stablecoins.

As a result of the hack, USR crashed to $0.025, i.e., 2.5 cents, within hours. The stablecoin is unlikely to emerge after an 80% de-peg similar to Terra Luna’s UST.

However, the hacker was only able to siphon off $25 million; the rest was locked into the protocol after system admins got alerted.

The $25 million funds were quickly converted into Ethereum (ETH) by simply swapping USR.

Source: https://bfmtimes.com/hacker-mints-80-million-worth-of-fake-stablecoins-and-swaps-them-for-eth/