DeFi protocol Fluid fully covers $21 million in bad debt from a March exploit involving $80 million in uncollateralized USR minting.
DeFi liquidity protocol Fluid resolved $21 million in bad debt stemming from the March Resolv exploit, where attackers minted $80 million in uncollateralized USR. The breach was external and did not affect Fluid’s smart contracts or code.
The $19.3 million remaining debt was covered by Resolv ($9.7 million), Fluid’s governance treasury ($8.2 million), and the team ($1.5 million). The incident prompted Fluid to pause FLUID buybacks and reduce incentives to rebuild its treasury.
Fluid plans upgrades to its oracle and pricing systems, alongside new products including DEX v2, a Solana DEX, and fixed-rate borrowing.