Crypto heist against Resolv earns hacker about $24.5 million

Decentralized finance platform Resolv had its infrastructure compromised to mint nearly $80 million of uncollateralized USR stablecoins, which the threat actor was able to convert into nearly $24.5 million worth of ETH, according to The Record, a news site by cybersecurity firm Recorded Future. Operations of the Resolv app have been temporarily halted amid ongoing efforts to contain the intrusion, said Resolv, which has warned the attacker of asset freezes and legal action in coordination with centralized exchanges, blockchain analytics firms, and law enforcement agencies should it refuse to return 90% of the stolen ETH within 72 hours. Such a crypto heist was noted by Chainalysis to involve excessive trust in off-chain infrastructure. "While Resolv had undergone all the classic security measures, and had undergone as many as 18 audits, the hack on Resolv is, in one sense, a simple story: an attacker got a key, used it to print money, and sold the fake money before anyone noticed," said Chainalysis.