Resolv Labs
@ResolvLabs
Transparent dollar products backed by diversified crypto yield sources.
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Challenges happen in DeFi - what matters is how teams respond.
We've seen examples in the past when protocols fully recover after the major incidents, and I wish Resolv would be one of these examples.
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Over the past weeks, Resolv has been actively working with affected counterparties and ecosystem participants to move the recovery process forward across both pre-incident and post-incident user groups.
As part of this process, we have reached a shared understanding with @0xfluid on the path forward, as one of the key counterparties impacted by the post-incident dynamics. This reflects constructive dialogue and close coordination between the teams throughout the process.
The agreed framework differentiates between pre-incident and post-incident exposures:
- pre-incident positions with positive equity are expected to be made whole by Resolv
- bad debt on positions created after the incident will be shared equally between Resolv and Fluid
The settlement execution will be completed on May 11.
Aligning with Fluid as the major affected protocol marks an important milestone as we continue discussions with other counterparties and protocols across the ecosystem. Conversations are ongoing and progressing well, and we remain focused on finalizing the broader recovery framework and further updates.
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Resolv Foundation Q1 2026 Report is out.
Q1 was a challenging period for Resolv. Since late March, main focus has been on recovery and ensuring long-term sustainability.
Foundation is committed to supporting the token as part of the broader system going forward:
• the core functionality of RESOLV token remains unchanged post-relaunch;
• we are actively working with major exchanges to support RESOLV continued availability and market stability.
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Recently, we received an interim report from @Mandiant, who have been conducting an independent forensic investigation since late March.
Mandiant has been able to confirm previously published Resolv postmortem, including the attack chain, timeline, and the steps taken by the bad actor. Nothing in their review to date contradicts what has been disclosed publicly.
We and our advisors are continuing work on threat actor identification. In parallel, @zeroshadow_io is supporting active onchain and offchain tracing, alongside coordination with law enforcement across multiple jurisdictions.
Resolv team remains fully operational, with daily coordination across all related workstreams. All is being done with a goal of maximizing recovery for our users and the ecosystem.
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A brief take on Resolv post-incident process
I believe in Resolv and the team more than ever. Hacks happen, and that’s very unfortunate, they’re becoming more sophisticated, and OpSec is no longer just a nice-to-have. They’re working really hard, and I have no doubt that they will recover.
Long live Resolv!
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It might be tempting to describe this incident as simply a “compromised private key.” However, in this case the attack path appears more complex and involves multiple stages prior to the on-chain actions.
The attack vector itself is not fundamentally new, but its execution does not appear trivial and involves a sequence of steps that collectively led to the exploit.
As the ecosystem evolves — particularly with the growing role of automation and AI-assisted workflows — similar attack patterns may become more common. It’s important to look at such incidents more holistically rather than relying on simplified explanations.
@ResolvLabs has demonstrated strong capability and professionalism. We look forward to seeing the team recover and continue their work successfully.
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Ivan, co-founder of Resolv, has shared an update on the protocol security incident and recovery process.
Some of the questions covered:
→ Why were whitelisted USR users redeemed first?
Verified wallets allowed the team to act within 24 hours manually to limit further impact on the broader market. 98% of those redemptions are complete.
→ What can non-whitelisted pre-exploit USR holders expect?
The same 1:1 commitment. The team is finalising the technical solution for redemptions.
→ Was this an insider incident?
The investigation with @Mandiant and @zeroshadow_io is ongoing. No evidence of insider involvement has been found at this stage.
→ What about post-exploit USR holders, LPs and RLP holders?
The remaining steps involve legal, technical, and ecosystem coordination across many counterparties. There is no single obvious solution — only a set of trade-offs. The goal is to find the most balanced outcome.
→ How long will the full recovery plan take?
We are moving as quickly as the process responsibly allows.
Watch the full video below:
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Update on the USR incident:
Previously Lista DAO had $8.6M in total USR-related loans.
To date, $8.4M has been fully repaid. Every position was redeemed 1:1 at full USD value.
Zero loss for users. Zero loss for the protocol.
Currently only one position remains with $26K in debt. If this is your position, please reach out to @lista_dao or @ResolvLabs to complete repayment and close it.
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We’ve been working with @ResolvLabs for a long time, and the team has always struck us as extremely capable and professional.
Incidents happen; we hope the protocol comes back stronger than ever.
As the mitigation process continues, we want to provide clarity on an important point. We strongly advise against trading or acquiring USR at this time.
Onchain data indicates that illicitly minted USR has mixed with pre-hack USR across many wallets and continues to change hands on secondary markets.
USR created illicitly by the exploiter was never backed by collateral and carries no redemption rights. Any transactions at this time carry a risk of involving illicit tokens and add complexity to the recovery process.
We are in the early stages of evaluating recovery options for affected holders and cannot make guarantees, but any relief that may ultimately be available could be limited by continued trading activity.
We are working closely with affected protocols to develop a resolution plan and will share details when ready.
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We are grateful for @ResolvLabs professionalism and integrity during this difficult time. Come back stronger 🦾
Update on illicitly minted USR supply reduction
Of the total 80M USR illicitly minted during the exploit on March 22, 2026, approx. 46M (~57%) has been permanently removed from circulation through a combination of burns and blacklisting.
As a result, no illicitly minted assets remain on exploiter-associated addresses that could be further transferred or converted.
Multiple steps have been taken to reduce the amount of 80M illicitly minted USR:
→ ~9M USR was burned across two transactions on March 22
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→ Another ~36M USR held by exploiter-associated wallets in a form of wstUSR was blacklisted. This was accomplished via a wstUSR contract upgrade, which required a 72-hour timelock initiation due to contract-level constraints.
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→ Remaining exploiter-held USR has been burned.
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🟢 Update: We have fully settled 100% of the stUSR in the @usualmoney vault for USDC with @ResolvLabs.
Vault depositors will be able to redeem their funds in the coming days.
Thank you for your patience. 🫡
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While crypto is an industry with a notorious debate culture on X - I for myself have always admired what @ResolvLabs and the team are building. Come back stronger!
For the last three days Resolv team has been fully devoted to delivering the post-hack action plan.
We are working closely with investors, advisors, projects and legal counsels to arrive at the solution.
The first and immediate action was to make whole whitelisted pre-hack USR holders and 95%+ of these holdings have been redeemed already.
As these redemptions are being finalized, we are working out the next phase of the plan.
It takes time, but we focus hard on producing the most justified course of action in the shortest timeframe.
Truly appreciate the support of all those who reached out and patience of everyone involved!
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Over the past 2 days, $77M+ has been redeemed for allowlisted wallets with pre-exploit USR, representing 90%+ of this group and marking strong progress in phase one of recovery.
Next:
• Redemption process for this group is actively being completed
• Work on subsequent phases, covering remaining user groups
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Update on Redemption Process
Resolv Digital Assets Ltd. is in contact with all allowlisted users with USR holdings at the time of the incident.
As the first recovery step, redemptions for pre-incident USR are now enabled for this group.
Updates for other users will follow.
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Update: @ApolloCryptoFM's mAPOLLO redeemed its USR position in full and no longer has any exposure.
@ultrayieldapp's mBASIS and msyrupUSDp had no direct USR exposure, but have withdrawn their Fluid allocations on Plasma as a precaution.
Once NAV reports are received from strategy managers, token prices will be updated and instant redemptions resume.
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Update on Redemption Process
Resolv Digital Assets Ltd. is in contact with all allowlisted users with USR holdings at the time of the incident.
As the first recovery step, redemptions for pre-incident USR are now enabled for this group.
Updates for other users will follow.
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This notice is issued on behalf of Resolv Digital Assets Ltd. in relation to the Resolv protocol.
Earlier today, a malicious actor gained unauthorized access to Resolv infrastructure through compromised private key, resulting in the minting of approximately $80M of uncollateralized USR. A full post-mortem is currently in progress and will be shared once completed.
The incident was identified quickly, and the relevant smart contracts were promptly paused. Approximately 9M USR held by the attacker has since been burned in order to reduce the potential impact.
The protocol currently holds approximately $141M in assets, with the only realized impact identified to date being approximately $0.5M in redemptions processed prior to the pause.
Current USR supply consists of 102M pre-incident USR and approximately 71M newly and illicitly minted tokens.
As an initial step in the recovery process, we are preparing to enable redemptions for all pre-incident USR, beginning with allowlisted users. The current target start date is 23 March 2026. Affected users should coordinate directly with RDAL through official channels.
This incident resulted from unauthorized third-party actions, including a targeted infrastructure compromise and cyberattack. Resolv’s underlying collateral was not directly compromised.
We are actively:
• tracing and seeking to contain illicitly minted USR and other affected assets
• coordinating with partners and counterparties
• working with law enforcement and onchain analytics firms to identify those responsible
We will pursue all available avenues to recover assets and hold those responsible accountable.
We strongly advise against trading USR or related Resolv tokens at this time while recovery measures are being implemented. Actions of users during post-exploit period may affect the recovery.
Further updates regarding illicit USR, and RLP will be communicated in the near term.
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This notice is issued on behalf of Resolv Digital Assets Ltd. in relation to the Resolv protocol.
Earlier today, a malicious actor gained unauthorized access to Resolv infrastructure through compromised private key, resulting in the minting of approximately $80M of uncollateralized USR. A full post-mortem is currently in progress and will be shared once completed.
The incident was identified quickly, and the relevant smart contracts were promptly paused. Approximately 9M USR held by the attacker has since been burned in order to reduce the potential impact.
The protocol currently holds approximately $141M in assets, with the only realized impact identified to date being approximately $0.5M in redemptions processed prior to the pause.
Current USR supply consists of 102M pre-incident USR and approximately 71M newly and illicitly minted tokens.
As an initial step in the recovery process, we are preparing to enable redemptions for all pre-incident USR, beginning with allowlisted users. The current target start date is 23 March 2026. Affected users should coordinate directly with RDAL through official channels.
This incident resulted from unauthorized third-party actions, including a targeted infrastructure compromise and cyberattack. Resolv’s underlying collateral was not directly compromised.
We are actively:
• tracing and seeking to contain illicitly minted USR and other affected assets
• coordinating with partners and counterparties
• working with law enforcement and onchain analytics firms to identify those responsible
We will pursue all available avenues to recover assets and hold those responsible accountable.
We strongly advise against trading USR or related Resolv tokens at this time while recovery measures are being implemented. Actions of users during post-exploit period may affect the recovery.
Further updates regarding illicit USR, and RLP will be communicated in the near term.
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