StablR stablecoins lose peg after attack; hackers net about $2.8M

StablR, an issuer of stablecoins, has come under sustained attack that pushed its euro-backed EURR and dollar-backed USDR off their pegs, according to Odaily Planet Daily. Blockchain security firm Blockaid said the attacker appears to have taken control of a private key tied to the minting multisig. Under a 1-of-3 signing threshold, the attacker replaced other administrators and minted an extra 8.35 million USDR and 4.5 million EURR. The attacker then swapped roughly $10.4 million worth of tokens for about 1,115 ETH on a decentralized exchange, booking an estimated profit of around $2.8 million. During the incident, EURR briefly fell to about $0.88 and USDR to about $0.70. Blockaid said the episode did not stem from a smart-contract flaw, attributing it instead to failures in key management and governance. (Cointelegraph)