StablR Faces Attack Leading to Stablecoin Depegging

StablR, a stablecoin issuer, has been targeted by a sustained attack, resulting in the depegging of its euro stablecoin EURR and dollar stablecoin USDR. According to ChainCatcher, blockchain security firm Blockaid reported that the attacker allegedly gained control by accessing the private key of one owner of the minting multisig account. This allowed the attacker to replace other administrators under a mechanism requiring only one-third of signatures and mint an additional 8.35 million USDR and 4.5 million EURR. The attacker subsequently exchanged tokens valued at approximately $10.4 million for about 1,115 ETH on a decentralized exchange, netting a profit of around $2.8 million. Following the incident, EURR's value dropped to approximately $0.88, while USDR fell to around $0.70. Blockaid emphasized that the incident was not due to a smart contract vulnerability but rather a failure in key management and governance mechanisms.