Attacker drains over $9 million from Resupply stablecoin protocol after manipulating token price

Stablecoin protocol Resupply was exploited for around $9.5 million through a market manipulation of exchange rates, according to security analysts.Resupply is a stablecoin protocol that leverages the liquidity and stability of lending markets.The exploit centered on cvcrvUSD, a wrapped version of Curve USD (crvUSD) staked in Convex Finance. Analysts said the attacker artificially inflated the price of cvcrvUSD by sending donations, which caused its share price to spike.Resupply’s smart contract, known as ResupplyPair (CurveLend: crvUSD/wstUSR), used this inflated cvcrvUSD price in its exchange rate calculations. As a result, the rate crashed, said security firm PeckShield.The attacker took advantage of this price distortion by invoking the borrow function in the ResupplyPair contract. This allowed them to borrow 10 million reUSD (Resupply's native stablecoin) using only one wei of cvcrvUSD as collateral.“The hacker exploited the cvcrvUSD vault, allowing the attacker to borrow $10 million in reUSD with only 1 wei of share as collateral,” said Xuxian Jiang, founder and CEO of PeckShield.Analysts added the attacker later converted the borrowed reUSD into other assets on external markets for profit.Resupply confirmed the exploit and said the affected contract has been identified and paused.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.