StablR Stablecoins Suffer Multi-Million Dollar Breach

On May 24, StablR's Euro (EURR) and USD (USDR) stablecoins lost their dollar pegs after an attacker exploited the project's minting contract. The breach was attributed to a private key compromise rather than any flaw in StablR's smart contracts.

Blockchain security firm Blockaid flagged the ongoing attack and highlighted that the 1-of-3 threshold for minting multisig meant a single compromised key was enough to seize full control of the contract. The attacker added their own address as an owner and removed the two legitimate signers, then minted 8.35 million USDR and 4.5 million EURR.

Although the attacker managed to extract approximately $10.4 million in face value, thin liquidity on decentralized exchanges sharply limited their return. Swapping $10.4 million in freshly minted tokens into shallow pools yielded only about 1,115 ETH, worth roughly $2.8 million.