StablR platform suffers $2.8M hack, causing stablecoin depeg
The StablR platform has suffered an ongoing hack, causing its Euro and USD stablecoins to lose their peg. Blockchain security firm Blockaid reported on Sunday that it detected an attack against the issuer, with approximately $2.8 million stolen so far. This is reported by Cointelegraph.com .
The suspected cause of the attack is a compromised private key belonging to one of the owners of a multisignature account. According to Blockaid, the system had a weak 1-of-3 governance structure. The hacker added themselves to the list of owners, removed the others, and minted 8.35 million USDR and 4.5 million EURR.
The attacker swapped the minted $10.4 million worth of tokens for just 1,115 ETH (approximately $2.8 million) due to low liquidity on decentralized exchanges (DEX). Blockaid experts attribute this not to a smart contract bug, but to a failure in key management and governance systems.
According to CoinGecko, StablR's EURR stablecoin lost 23% of its value, falling from $1.15 to $0.88. Meanwhile, the USDR stablecoin dropped 30% to $0.70. May has been a difficult month for crypto and DeFi projects; according to DeFiLlama, over ten major hacks have been recorded since the beginning of the month.
StablR issues regulated stablecoins pegged to Euro and USD, with reserves held on the Ethereum and Solana networks. Notably, Tether, the world's largest stablecoin issuer, invested in the StablR project in December 2024.
