StablR Suspends Stablecoin Operations After $13.5M Exploit via Multisig Weakness
European stablecoin issuer StablR suspended minting and redemption for USDR and EURR after a cyberattack left the tokens under-collateralized. Onchain investigator ZachXBT flagged the exploit over the weekend. The Malta-based firm detected irregularities via internal alerts and froze operations, asking exchanges to halt trading. Blockchain security firm GoPlus Security linked the attack to a 1-of-3 multisignature wallet weakness on Ethereum. Attackers compromised a single key, added themselves as admin, removed legitimate signers, and minted 8.35 million USDR and 4.5 million EURR ($13.5 million unbacked). Due to thin liquidity, they netted only $2.8 million. USDR dropped to $0.994, EURR to $0.548 (far below the euro's $1.16 value). CEO Gijs op de Weegh pledged transparency. The company will notify Malta's financial regulator under EU's Digital Operational Resilience Act and MiCA rules, and external cybersecurity firms and law enforcement are involved.
Key facts
- StablR suspended USDR and EURR after a $13.5M unbacked token minting exploit.
- Attack exploited a 1-of-3 multisig wallet weakness on Ethereum.
- Attackers netted $2.8 million due to thin DEX liquidity.
- USDR and EURR lost up to 50% of their peg; EURR still far below euro value.
- Company notified Malta regulator and involved external security firms.