March 23, 2026
Stablecoin? Unstable tea
Hacker Mints $80M USD Worth of USR Stablecoins
Coin crashes to 2.5¢ as $25M walks and commenters ask why this is still a thing
TLDR: A hacker minted $80M in fake USR coins, USR crashed to pennies, and $25M was cashed out while $55M was frozen. Commenters are roasting the “no rules” ethos, joking that “stable” means casino odds, and asking why this industry keeps existing after trust-shredding crashes.
Crypto had another meltdown and the comments section brought a flamethrower. A hacker exploited a bug at Resolv Labs and minted about $80 million in fake USR “stablecoins,” then slipped away with $25 million—quickly swapping it into Ethereum—while admins froze the rest. The coin? It faceplanted from $1 to 2.5 cents. With roughly 400 million tokens in circulation, that’s a lot of “stable” doing the wobble.
The mood online is pure scorched earth. One top-voted zinger calls it a “Self-Funding Bug Bounty,” as in: find a bug, pay yourself. Another commenter deadpanned, “tl;dr: another smart contract got popped,” while the snark squad roasted the libertarian dream with, “the code IS the contract!!!” as a parody of the anti-regulation mantra. The casino memes wrote themselves—“stable as in house always wins?” got loud laughs—and the existential sighs rolled in: “How is this industry still an industry?”
Beyond the jokes, there’s real fear that trust is toast. Once a “stable” coin breaks its $1 peg this hard, it rarely recovers—see TerraUSD. Commenters are split between “bring in rules before more people get burned” and “this is what happens when you worship code over caution.” For anyone new, a stablecoin is supposed to hold $1; when it doesn’t, it’s chaos. More on how they’re meant to work here.
Key Points
- •A bug in Resolv Labs’ smart contract enabled minting of at least $80M in unbacked USR stablecoins.
- •Protocol admins locked transactions, containing about $55M of the falsely minted tokens.
- •The attacker siphoned roughly $25M and quickly converted it to ETH through an unidentified DeFi platform.
- •USR’s price collapsed, reported at ~$0.025 within hours and ~$0.20 within 24 hours (~80% de-peg).
- •The article states recovery prospects are low and contrasts unbacked (algorithmic) with asset-backed stablecoins.