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StablR Stablecoin Peg Disrupted After Attack, Hacker Profits Approximately $2.8 Million

AirdropBlackHole
On May 24, it was reported that StablR, the issuer of stablecoins, faced a sustained attack that led to the decoupling of its euro stablecoin EURR and US dollar stablecoin USDR. Blockchain security firm Blockaid indicated that the attacker likely gained control by obtaining the private key of one owner in the minting multi-signature account, allowing them to replace other administrators under a mechanism requiring only 1/3 of the signatures, and additionally minted 8.35 million USDR and 4.5 million EURR. Subsequently, the attacker exchanged tokens worth approximately $10.4 million on a decentralized exchange (DEX) for about 1,115 ETH, realizing a profit of around $2.8 million. Following the incident, EURR briefly dropped to around $0.88, while USDR fell to about $0.70. Blockaid pointed out that this incident was not due to a smart contract vulnerability, but rather a failure in key management and governance mechanisms.
ETH-0.06%
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