StablR Stablecoins Lose Peg After Attack; Hacker Nets $2.8M

ChainCatcher reports that stablecoin issuer StablR has suffered an ongoing attack that pushed its euro-backed EURR and dollar-backed USDR off their pegs. Blockchain security firm Blockaid said the attacker is believed to have taken control of a private key tied to the minting multisig account and, under a 1/3 signature requirement, replaced other administrators before minting an additional 8.35 million USDR and 4.5 million EURR. The attacker then swapped roughly $10.4 million in tokens for about 1,115 ETH on decentralized exchanges, generating an estimated $2.8 million profit. Following the incident, EURR fell to around $0.88 and USDR to about $0.70. Blockaid said the event was not driven by a smart-contract vulnerability, but by breakdowns in key management and governance controls.