https://bfmtimes.com/hacker-mints-80-million-worth-of-fake-stablecoins-and-swaps-them-for-eth/ * BFM Times [Group-1321319128-1-e1763535341872] * News AI * Crypto + Crypto Currency + Crypto Forecast + Crypto Tools + Crypto Wallets + Exchanges * Academy + Blockchain + Crypto Investing + DeFi + Web3 * News * AI * Finance * Top List + Top Monthly ICOs + Top Monthly Presales + Best Crypto to Buy Now: Top 10 Picks + Best Crypto Exchanges + Crypto Wallets with Built-In Exchanges: Top 5 Picks for 2026 * Influencers * Accelerator * Tools + Market Live + Converter + Exchanges + Treasuries + Token Sale Reading: Hacker Mints $80 Million worth of Fake Stablecoins and Swaps Them For ETH Share [ ][Search] Advertise With Us * * Top Monthly ICOs * Top Monthly Presales * Best Crypto Exchanges * Best Crypto to Buy Now * Best Altcoins for Long Term Investment * Top DEXs for 2026 * Best Hardware Wallets [INS::INS] Bfm TimesBfm Times Advertise With Us * Crypto * Academy * News * AI * Finance * Influencers * Accelerator * News AI Search [ ][Search] Follow US * Home * News AI * Crypto * Academy * News * AI * Finance * Top List * Accelerator * Market Live * Converter * Exchanges * Treasuries * Token Sale (c) 2026 All Rights Reserved. BFM Times > Trending > Hacker Mints $80 Million worth of Fake Stablecoins and Swaps Them For ETH Trending Hacker Mints $80 Million worth of Fake Stablecoins and Swaps Them For ETH Dhirendra DasDhirendra Das Last updated: March 23, 2026 12:57 pm Published: March 23, 2026 Share Resolv Labs USR Hack Resolv Labs USR Hack SHARE * 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). Summary of the Hack A hacker was able to exploit a bug function in the smart contract of Resolv Labs, which led to the hacker minting fake (unbacked) Resolv USR stablecoins. Contents * Summary of the Hack * What are the chances of Recovery for Resolv USR? * What are Unbacked Stablecoins? However, the systems were soon alerted, and the protocol locked all transactions. Out of the falsely minted $80 million, around $55 million was apprehended by the protocol, which The hacker was then able to siphon $25 million in stablecoins and quickly exchange them for ETH via an unidentified DeFi platform. As a direct result of the unexpected mint, USR, which had a circulation of about 400 million tokens, had an unexpected fall. The crash took the USR price from $1 to $0.2 within the first 24 hours of the hack. Although the protocol has scaled back $55 million of the hacker minted stablecoins, they are unable to combat user loss. - Advertisement - [INS::INS] Resolv USR Price Before and After the HackResolv USR Price Before and After the HackResolv USR Price Before and After the Hack What are the chances of Recovery for Resolv USR? The chances of recovery are low because stablecoins operate on trust, which is lost the instant the coin de-pegs more than 10%. This de-peg had once nearly killed Tether (May 2022, after the LUNA crash) and USDC (in 2024 after the SVB Crash). Since Resolv has de-pegged nearly 80% at press time, it is unlikely that the coin will recover from the collapse. What are Unbacked Stablecoins? Unbacked stablecoins are those that do not have fiat or fiat equivalent reserves to back their value. These are mostly algorithmic stablecoins that derive their value from mathematical models rather than real cash or assets. In contrast, asset-backed, such as fiat-backed and gold-backed stablecoins, have to store an equivalent amount of fiat and gold reserves at their disposal after issuing each stablecoin. Disclaimer: BFM Times acts as a source of information for knowledge purposes and does not claim to be a financial advisor. Kindly consult your financial advisor before investing. 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