USM: ~70.8 ETH via redemption pricing that fails when split
83 ETH (~$136k class) lost from the USM protocol after a pricing flaw in redemption (`defund` / eth-from-defund style logic).
The quote used an average of current and estimated final sell prices for a single redemption but was not split-invariant: combined with per-call state contraction and rounding, many small redemptions paid more ETH than one large redemption of the same size.
Firm TI + secondary press; small dollar size, clean math lesson.
369 take
Redemption and mint math must pay the same whether the user splits the call or not. If small chunks beat one big call, attackers will loop it: often with a flash loan.
Pulse lesson: stress-test vault / share / redeem paths for split invariance before size.
Sources