Attacker Mints Millions in Tokens via Exploit, Shifts Focus to Ethereum Market

Unusual On-Chain Activity Reveals Large-Scale Exploitation

On March 22, Onchain Lens detected a suspicious transaction: an attacker minted 80 million USR tokens using only 200,000 USDC. This disproportionate conversion ratio suggests a critical vulnerability in the token issuance mechanism.

The address quickly converted USR into wstUSR, then swapped them back into widely accepted stablecoins—USDC and USDT—effectively laundering the value.

Proceeds Funneled into Ethereum Purchases

• Approximately $17.24 million in stablecoins has been used to acquire 9,111 ETH
• Transactions span multiple decentralized exchanges, primarily targeting high-liquidity pools
• Funds were split across batches, likely to avoid detection thresholds

Ongoing conversions indicate the attacker is still active and may increase Ethereum holdings, potentially impacting market dynamics.