StablR Stablecoins Depegged After Cyber Attack Results in Multi-Million Dollar Profit

The cryptocurrency market has experienced another significant breach with the depegging of StablR's stablecoins EURR and USDR due to an attack.

According to Blockaid, a blockchain security company, the attackers allegedly gained control by obtaining the private key of one owner in the minting multi-signature account. This allowed them to replace other administrators under a mechanism that only required 1/3 of the signatures.

The attackers then minted 8.35 million USDR and 4.5 million EURR, which they exchanged for approximately $10.4 million on a DEX. They realized a profit of around $2.8 million after exchanging tokens worth about 1,115 ETH.

Blockaid attributed the incident to a failure in key management and governance mechanisms rather than a smart contract vulnerability.