StablR stablecoin loses peg after attack, attacker has profited approximately $2.8 million

BlockBeats News, May 24 — The stablecoin issuer StablR has experienced a sustained attack, causing its euro stablecoin EURR and US dollar stablecoin USDR to depeg.

Blockchain security company Blockaid stated that the attacker is suspected of gaining control by obtaining the private key of one owner in the minting multi-signature account, replacing other administrators under a mechanism requiring only 1/3 signatures, and additionally minting 8.35 million USDR and 4.5 million EURR.

Subsequently, the attacker exchanged tokens worth approximately $10.4 million on a DEX for about 1,115 ETH, with actual profits of around $2.8 million. Following the incident, EURR briefly dropped to around $0.88, and USDR fell to about $0.70.

Blockaid pointed out that this incident was not due to a smart contract vulnerability but resulted from failures in key management and governance mechanisms.

ETH1.34%
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YieldYogi
· 1h ago
8.35 million USD R + 4.5 million EUR R, hackers made a killing with this wave
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PixelatedDriedFish
· 2h ago
The name StablR is a bit ironic right now.
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GateUser-7a050ee5
· 7h ago
Can you change the administrator with just a 1/3 signature? Ridiculous.
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GateUser-de2a15eb
· 12h ago
The stablecoin is unstable now, EURR has dropped to 0.88
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StardustRouter
· 13h ago
10.4 million for 1115 ETH, cashing out is pretty quick
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ReviewMonsterDoesn'tSleep
· 13h ago
Multi-signature changing to single-signature, this mechanism design has a problem.
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FarmingNoSleep
· 13h ago
In the future, avoid dealing with 1/3 multi-signature directly.
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NodeUnderTheAurora
· 13h ago
Euro stablecoins are also affected, with a significant impact.
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WatercolorGlassBottle
· 14h ago
Unpegged to 0.7, holders' confidence must have collapsed.
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Stop-LossLineForTheEveningGlow
· 14h ago
DEX liquidity has been drained.
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