Summary
Resolv is a DeFi protocol issuing USR, a delta-neutral stablecoin backed by ETH with perpetual futures hedging, developed by Resolv Labs. On March 22, 2026, the protocol suffered a critical exploit in which an attacker compromised Resolv's AWS key management infrastructure to mint 80 million unbacked USR tokens, extracting approximately $23–25 million in ETH and triggering a severe stablecoin depeg. The protocol remains paused as of May 2026 while recovery and infrastructure remediation are underway.
Connected Entities
1 entitiesTimeline(8 events)
2024-11-01
Resolv protocol launches; TVL begins growing rapidly, rising over 380% through November–December 2024.
2024-12-01
Resolv TVL hits $77 million all-time high at the time, per DeFiLlama.
2025-01-06
Resolv TVL peaks at approximately $448 million, per DeFiLlama.
2025-04-15
Resolv Labs announces $10 million seed funding led by Cyber.Fund and Maven 11, with participation from Coinbase Ventures, Animoca Ventures, Arrington Capital, and others.
2026-03-22
Critical exploit: attacker compromises AWS KMS signing key via GitHub Actions credential exfiltration from a contractor's account. Mints 80 million USR in two transactions using ~$100K–$200K USDC, extracting $23–25M in ETH. USR depegs to $0.0025 on Curve. Protocol paused at 05:16 UTC.
2026-03-23
CoinDesk and major outlets report on the exploit. Fluid/Instadapp confirms over $10 million in bad debt and $300 million in outflows attributed to the Resolv depeg.
2026-03-26
Resolv Labs publishes official postmortem. 46 million of the 80 million illicitly minted USR burned or blacklisted. External forensic investigation begins with Hypernative, Hexens, MixBytes, SEAL 911, Mandiant, and ZeroShadow.
2026-05-11
Resolv Labs posts update on X confirming ongoing recovery coordination with affected counterparties. Protocol has not relaunched as of this date.
Decision Log
- hash: EGkwQKSZ16pEMmmbojoxegP2SgxGS2w7gGj3sqPXQttN
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:12 AM
last updated: 5/19/2026, 8:13:20 PM
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