The Resolv USR exploit wasn't a bug - it was a feature working exactly as designed. And that's the problem.
How USR minting works: you deposit USDC, then an off-chain service with a privileged key decides how much USR to mint for you. The contract checks the minimum but has no maximum. No cap. No ratio to collateral. Whatever the key holder says - gets minted. You could deposit $1 and mint billions.
This design was live since day one. It wasn't a code bug. The threat model was simply: "the key won't leak."
It did.
Attacker got the key. Deposited $200K across two txs, minted 80M unbacked USR. Dumped on DEXes, walked away with ~$23M in ETH.
Single point of failure: one private key, no on-chain sanity checks. No max mint ratio, no multisig, no timelock. One compromised key = unlimited money printer.
The contract worked perfectly. That's the scariest part.
I traced the Resolv $USR exploiter's full funding chain onchain. The root wallet behind the $25M hack was seeded directly from @Binance. They have KYC on this person. Tagging @zachxbt because this rabbit hole goes deeper than just Resolv 🧵
(sorry for the tag bro)
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