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A loss of $10.4 million due to minting stablecoins without financial backing .
The StablR platform was hacked after exploiting a weakness in the multi-signature (Multisig) system, which allowed the attackers to mint stablecoins without any actual reserves backing them, and then withdraw approximately $10.4 million.
The incident shows how dangerous weak administrative permissions can be, especially in projects related to issuing stablecoins.
#TradfiTradingChallenge #PlatinumCardCreatorExclusive $BTC