ChainCatcher report: Stablecoin issuer StablR has been subjected to a sustained attack, causing its euro-backed stablecoin EURR and dollar-backed stablecoin USDR to depeg. Blockchain security firm Blockaid stated that the attacker allegedly gained control of one of the private keys in the minting multisig account and, under the 1/3-signature requirement mechanism, replaced other administrators, subsequently minting an additional 8.35 million USDR and 4.5 million EURR. The attacker then exchanged approximately $10.4 million worth of tokens for around 1,115 ETH on DEXs, netting a profit of approximately $2.8 million. As a result of the incident, EURR dropped to around $0.88, while USDR fell to around $0.70. Blockaid noted that this incident was not caused by a smart contract vulnerability, but rather by failures in key management and governance mechanisms.
StablR Stablecoins Depeg Following Attack, Attacker Earns $2.8M
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Summary
The StablR stablecoins EURR and USDR depegged following a security breach, during which the attacker minted 8.35 million USDR and 4.5 million EURR. The hacker swapped the tokens on a DEX for 1,115 ETH, netting $2.8 million. EURR dropped to $0.88 and USDR to $0.70. Blockaid stated the incident resulted from poor key management, not a smart contract vulnerability. This event underscores ongoing risks in governance and private key security.
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