StablR Blockchain Infrastructure Suffers Significant Exploit

A cybersecurity incident on StablR's blockchain infrastructure has led to a substantial financial loss of approximately $2.8 million.

The attack, which was identified by exploit detection platform Blockaid, targeted the smart contracts behind StablR Euro (EURR) and StablR USD (USDR).

According to StablR's statement, the incident was caused by a compromised multisig key, which allowed attackers to gain control of the smart contracts.

The attackers minted 8.35 million USDR and 4.5 million EURR, resulting in a total face value of nearly $10.4 million.

The newly minted tokens were swapped through decentralized exchanges for 1,115 ETH, worth approximately $2.8 million.