Resolv Labs Addresses Security Incident and Recovery Efforts

Resolv Labs co-founder Ivan has provided an update on the security incident affecting the protocol and the subsequent recovery efforts. According to ChainCatcher, whitelisted USR users are prioritized for redemption due to their wallets being verified, allowing the Resolv team to manually process transactions within 24 hours to mitigate risks. Currently, 98% of these redemptions have been completed. For non-whitelisted USR holders prior to the vulnerability, Resolv has pledged to redeem at a 1:1 ratio, although the technical solution for these redemptions is still being finalized. Ivan stated that there is no evidence of insider involvement in the incident. For USR holders, LPs, and RLP holders affected by the vulnerability, the resolution involves coordination across legal, technical, and ecological aspects, with no single solution available yet. A complete recovery plan does not have a clear timeline, but efforts will proceed cautiously and swiftly. Previously, attackers exploited the protocol by using 200,000 USDC to mint $80 million worth of USR.