This time the "stablecoin" USR directly collapsed to a few cents, it’s clearly not a hacker attack, but rather an orchestrated harvesting scheme by the project team, with all the on-chain traces providing solid evidence.
In the contract, the SERVICE_ROLE minting authority is surprisingly controlled by a single private key, without any multi-signature, which is not how legitimate projects operate; it's clearly leaving a backdoor. Even more outrageous is that the contract has no minting cap, no oracle verification, and no collateral ratio checks; whatever is signed gets minted. Such a basic vulnerability, and the audit report didn’t catch it? Either the audit was bribed or there was intentional oversight.
On-chain, it’s crystal clear: the attacker only spent 200,000 USDC, splitting it into two transactions to directly mint 80 million uncollateralized USR, equivalent to exchanging 1 yuan for 4,000 yuan, which normal external attacks simply cannot achieve. Subsequently, they crazily dumped on Curve and Uniswap, cashing out 25 million dollars into ETH and transferring it away, the operation was as smooth as if it had been rehearsed in advance.
Even more suspiciously, the attack address had early interaction records with the project team’s commonly used wallet, and the flow of funds underwent multiple layers of mixing, clearly indicating a pre-arranged path. After the incident, the team immediately issued an announcement claiming victimhood, stating they were attacked by hackers, without disclosing private key management records or reserve details, and instead hurriedly paused the protocol to buy time for asset transfer.
In simple terms, it was a setup from the beginning: first, use high yields to attract people to hoard coins and engage in collateralized lending, wait for the pool to fatten up, directly open the backdoor to mint money and crash the market, wiping out retail investors in one go. The so-called decoupling is just their signal to net in, exactly like the UST collapse back then; they can’t escape self-theft. $USDC $ETH $BTC #USR
