Fluid (FLUID)

Fluid Says Resolv Exploit Led to $21M Bad Debt, Now Fully Covered

DeFi liquidity protocol Fluid said the March Resolv exploit, which involved the malicious minting of about $80 million in uncollateralized USR, left Fluid with roughly $21 million in bad debt. Fluid said the attack was external and did not compromise its smart contracts or code.

The remaining $19.3 million in bad debt has been fully covered, with Resolv covering about $9.7 million, Fluid’s governance treasury covering $8.2 million, and the team covering $1.5 million. Fluid will pause FLUID buybacks, cut or remove incentives to rebuild its treasury, and plans to upgrade its oracle and pricing systems while rolling out DEX v2, Solana DEX, fixed-rate borrowing, LaaS, and custodied collateral products. https://t.co/kcXc0JEgY3

Wu reported that DeFi liquidity protocol Fluid released a post‑mortem of the Resolv event, stating that in March Resolv was attacked and about $80 million of uncollateralized USR was maliciously minted, causing Fluid to incur roughly $21 million of bad debt. Fluid said the attack occurred outside of Fluid, its smart contracts and code were not compromised; the related losses have been fully covered, with the remaining approximately $19.3 million bad debt to be borne by Resolv (~$9.7 million), Fluid’s governance treasury (~$8.2 million), and the team (~$1.5 million). As a result, Fluid will suspend FLUID buybacks and substantially reduce or cancel incentives to rebuild the treasury. Future plans include upgrading the oracle and pricing mechanisms, and launching products such as DEX v2, Solana DEX, fixed‑rate lending, LaaS, and institutional custodial collateral.
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