DeFi risk curator Re7 Labs said this morning that wallets affected by the exploitation of Resolv Labs’ USR stablecoin in March can claim a 223,000 share. $USDC compensation pool. The additional payment closes one of the smaller obligations on the trustee’s part related to the incident.
The pool includes users whose positions in Re7’s Re7 $USDC Basic safe on Basic and Re7 $USDC The Core Mainnet vault on Ethereum was caught by the exploit, according to Re7 Labs’ announcement. A snapshot of eligibility was taken at the time Re7 delisted the affected USR markets. Affected wallets can connect to the Merkl app to view and claim their prorated share.
Resolve Labs attack
The compensation traces back to an attack on Resolv Labs on March 23, where an attacker compromised the project’s AWS-hosted key management service and earned USR80 million with less than $200,000 in collateral. The attacker traded the unbacked tokens via deployed variants $USDC and then Ether, which walks away with about $23 million worth of ETH. The USR fell from $1 to a low of around $0.20, and CoinGecko data shows the token is still trading well below par.
The role of Re7
Re7 Labs runs credit vaults at Morpho Blue, Euler, and other locations, setting collateral parameters and listing assets instead of issuing proprietary tokens. Re7’s flagship mRe7YIELD strategy had no USR exposure. Two of the smaller curated vaults on Morpho, Re7 $USDC Basic and Re7 $USDC Core Mainnet had listed USR as collateral and was implicated in the exploit. The curator currently shows $92.5 million in TVL spread across 14 vaults per DefiLlama.
The curatorial accountability arc
Re7 is the latest of several Morpho curators to secure a payout. Gauntlet and Resolv reached a much larger offset deal on June 4, opening more than 4.37 million $USDC of claims to affected Gauntlet vault users, also routed through Merkl. In both cases, snapshots were taken at the time of market delisting, with v1.1 vaults only becoming claimable after liquidity has been exhausted.
The Resolv exploit netted at least 15 Morpho vaults with more than $10,000 in liquidity, according to Morpho co-founder Paul Frambot. Curators Gauntlet, Re7 Labs, kpk and 9summits were mentioned at the time. With Gauntlet and Re7 now publishing claim mechanisms, the smaller trustees remain the open file on the cleanup.