Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, Resolv Labs’ stablecoin USR depegged after an attacker minted 80 million unbacked tokens, Nevada blocked Kalshi from offering some contracts in the state for 14 days, and Brazil’s new finance minister put crypto tax policy on hiatus.
Resolv Labs moved Sunday to reassure users after an exploit hit the issuance mechanics of its USR stablecoin, knocking the token off its dollar peg and prompting decentralized finance (DeFi) protocols with exposure to move quickly to contain any fallout.
Cointelegraph reported earlier Sunday that an attacker exploited USR’s minting mechanics, creating tens of millions of unbacked tokens and dumping them through DeFi pools, which broke the stablecoin’s peg and prompted Resolv to pause protocol functions as it assessed the damage.
