StablR hit by ongoing $2.8M exploit; EURR and USDR lose peg

Stablecoin issuer StablR is facing a sustained exploit that has already resulted in losses of roughly $2.8 million, Cointelegraph reported, citing blockchain security firm Blockaid. Blockaid said the attacker took advantage of a weak security setup on StablR's minting multisig, which could be operated with just one of three signatures. After compromising one signer's private key, the attacker added themselves as an owner, replaced the other signers, and minted 8.35 million USDR and 4.5 million EURR. With limited onchain liquidity, the attacker swapped tokens with a notional value of about $10.4 million on a decentralized exchange for roughly 1,115 ETH, extracting an estimated $2.8 million. The incident led both EURR and USDR to depeg.