According to Cointelegraph, blockchain security firm Blockaid disclosed on Sunday that stablecoin issuer StablR is under sustained attack, having already lost approximately $2.8 million. The attacker exploited the low security threshold of StablR’s minting multisig account, which requires only one of three signatures to operate, by compromising the private key of one of the signers. The attacker then added themselves as an owner and replaced the other signers, subsequently minting 8.35 million USDR and 4.5 million EURR. Due to insufficient on-chain liquidity, the attacker exchanged tokens worth approximately $10.4 million on a decentralized exchange for about 1,115 ETH, effectively cashing out around $2.8 million.
StablR hacked for $2.8M; EURR and USDR both depegged
TechFlowShare
Summary
StablR suffered a security breach this weekend, with $2.8 million stolen after attackers compromised a minter multisig account. By exploiting a 1/3 signature threshold, they added themselves as owners, replaced signers, and minted 8.35 million USDR and 4.5 million EURR. On-chain data shows the tokens were traded on a DEX for 1,115 ETH, netting the attackers $2.8 million. Both EURR and USDR depegged due to liquidity shortages.
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