Resolv Says No Assets Lost After USR Stablecoin Exploit
Today in crypto, Resolv Labs’ stablecoin USR depegged after an attacker minted 80 million unbacked tokens, Nevada blocked Kalshi from offering some contracts in the state for 14 days, and Brazil’s new finance minister put crypto tax policy on hiatus.
Resolv says no assets lost as DeFi protocols respond to USR depeg
Resolv Labs moved Sunday to reassure users after an exploit hit the issuance mechanics of its USR stablecoin, knocking the token off its dollar peg and prompting decentralized finance (DeFi) protocols with exposure to move quickly to contain any fallout.
Cointelegraph reported earlier Sunday that an attacker exploited USR’s minting mechanics, creating tens of millions of unbacked tokens and dumping them through DeFi pools, which broke the stablecoin’s peg and prompted Resolv to pause protocol functions as it assessed the damage.
The token dropped as low as $0.14 (86% below its intended $1 price) after the exploit before rebounding to $0.42 at the time of writing, according to data from CoinGecko.
In a recent statement on X, the Resolv team said that the collateral pool “remains fully intact,” and that the problem appears “isolated to USR issuance mechanics.” Containment and impact assessment remain ongoing.
Onchain data from Arkham, corroborated by Web3 security firm Cyvers, showed that the attacker had converted most of the minted USR into Ether (ETH), selling part of the haul for about 11,400 ETH (around $24 million). Independent analysts also noted that the remaining 36.74 million USR was “still being continuously dumped.”
Nevada judge temporarily blocks Kalshi
A Nevada judge temporarily blocked Kalshi from operating in the state on Friday, issuing a temporary restraining order that banned Kalshi from offering sports, election and entertainment-related event contracts.
Carson City District Court Judge Jason Woodbury sided with the Nevada Gaming Control Board with his order, finding that state authorities are reasonably likely to prevail in a legal fight over whether the company’s event contracts violate Nevada gambling laws.
The order comes after a federal appeals court on Thursday denied an emergency request by Kalshi to stay a federal court proceeding in a case filed by the Nevada Gaming Control Board that asserted Kalshi needed to be licensed by the US state in order to offer its sports event contracts there.
Kalshi had argued that its contracts are under the exclusive jurisdiction of the Commodity Futures Trading Commission, but Judge Woodbury rejected the argument, saying that “the question of federal preemption in this regard is nuanced and rapidly evolving.”
A hearing is scheduled for April 3 to consider a motion for preliminary injunction against Kalshi.
Brazil’s finance minister puts crypto tax consultation on pause
Brazil’s Finance Minister, Dario Durigan, is putting crypto tax policy on hiatus until after the October 2026 presidential election to avoid raising contentious policy issues during an election year.
Government officials in the country planned a public crypto tax consultation later this year, but will now postpone the public comment period, according to Reuters, which added that proposals and negotiations on new tax policies may not be implemented until 2027.
Brazil ranks number five globally in terms of crypto adoption, according to Chainalysis, and the South American country boasts a population of over 213 million people, according to data from Worldometer.
