Resolv Incurs 80M $USR Loss as Exploiters Route Funds via Leading DEXs

The Resolv network has witnessed a severe security exploit, leading to a massive 80M $USR token drainage. As per Resolv Labs’ official X announcement, the attackers rapidly started swapping the drained assets across diverse decentralized exchanges (DEXs) to obscure the trail. Keeping this in view, the platform has halted all protocol activities while intensifying investigations and efforts for recovery.

Resolv Exploit 80M $USR Drainage Across Top DEXs

Resolv’s latest exploit has reportedly led to a staggering exploit of 80M $USR tokens. Subsequently, the attackers initiated swapping those funds across diverse DEXs while endeavoring to obscure the trail. Specifically, they have already converted a considerable amount into 5,500 $ETH. In addition to this, the attackers have routed these funds through many wallet addresses with high activity.

This has led Resolv to pause the protocol functions while also advancing its investigation and recovery developments. In this respect, the on-chain data discloses that the main address “0x04a…3caed” accounts for a 36 outgoing and 48 incoming transactions. This address reportedly interacted with diverse DEXs, taking into account Kyber Network and Uniswap.

Kyber Network processed 80 transfers that included $USDT and $USDC while Uniswap tackled 14 transfers, hitting a cumulative 5,455.82 $ETH. Along with that, the exploiter utilized MetaMask Swaps, performing 102 transfers, comprising 321,084.63 $USDC. This signals a considerable attempt to redistribute and fragment the drained assets.

Platform Halts Activities as Attackers Advance Multi-DEX Asset Movements

Apart from that, the data also presents interactions with many intermediary wallets and Velora. Hence, “0xa27…55861” received up to 8,019,895.22 $USR tokens across 3 transfers. These movements present a collaborative laundering plan to disseminate unbacked $USR tokens across different liquidity routes.

According to Resolv, following the 80M $USR exploit, their team is aggressively conducting the exploit detection and funds recovery. Particularly, the 50M unbacked $USR paved the way for swift unauthorized transfer cascade. At the moment, all the protocol operations are stopped to prevent more damage. On the other hand, the exploiters keep moving funds via different DEXs. Overall, the ecosystem partners and consumers are urged to stay vigilant while the investigation unfolds.