StablR Suspends USDR and EURR Operations Following Hacking Incident

According to CoinDesk, Mars Finance reported that European stablecoin issuer StablR has suspended the minting and redemption of USDR and EURR following a cyberattack, and requested exchanges to halt trading, deposits, and withdrawals for 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 an actual cash-out of 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. StablR stated that it has initiated an investigation and will report the incident to Maltese regulators and relevant authorities.