StablR Halts USDR and EURR Operations After Hack Leads to Over-Minting

PANews, May 26: According to CoinDesk, European stablecoin issuer StablR has suspended the minting and redemption of USDR and EURR following a cyberattack, and requested exchanges to halt trading and deposits/withdrawals of both tokens. The attacker exploited a vulnerability in StablR’s Ethereum 1-of-3 multisignature wallet, compromising a single private key to add themselves as an administrator and remove the original signers, thereby minting approximately 8.35 million USDR and 4.5 million EURR—valued at around $13.5 million at pegged rates—with actual cashouts totaling approximately $2.8 million. The incident left both stablecoins undercollateralized, no longer meeting MiCA’s 1:1 reserve requirements. USDR briefly de-pegged before recovering to approximately $0.994, while EURR dropped to around $0.548.