StablR Stablecoins Depeg Following Attack, Attackers Profit $2.8M

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Release Time: 05/24/2026 04:47:58

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Summary

The stablecoin issuer StablR suffered a prolonged attack, causing EURR and USDR to depeg. Attackers likely gained control of a minter multisig account, minting 8.35 million USDR and 4.5 million EURR. These tokens were exchanged for 1,115 ETH, yielding a $2.8 million profit. EURR fell to $0.88 and USDR to $0.70. The incident underscores risks in key management, not smart contract vulnerabilities. Traders are closely monitoring altcoins amid rising volatility in the Fear & Greed Index.

Odaily Planet Daily reports that stablecoin issuer StablR has been subjected to sustained attacks, causing its euro-backed stablecoin EURR and dollar-backed stablecoin USDR to become depegged.

Blockchain security firm Blockaid stated that the attacker allegedly gained control of one of the private keys for the minting multisig account and, under the 1-of-3 signature requirement, replaced other administrators and minted an additional 8.35 million USDR and 4.5 million EURR.

Subsequently, the attacker exchanged approximately $10.4 million worth of tokens for about 1,115 ETH on a DEX, realizing a profit of approximately $2.8 million. As a result of the incident, EURR briefly dropped to around $0.88, and USDR fell to around $0.70.

Blockaid noted that this incident was not due to a smart contract vulnerability, but rather a failure in key management and governance mechanisms. (Cointelegraph)

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