StablR Suspends USDR and EURR After Attacker Mints $13.5 Million in Unbacked Tokens

European stablecoin issuer StablR suspended minting and redemption services for its USDR and EURR tokens after a cyberattack left the assets under-collateralized. Onchain investigator ZachXBT publicly flagged the exploit over the weekend. Two contracts tied to the stablecoins appeared compromised.

The Malta-based firm said it detected irregularities after internal alerts triggered an investigation. StablR froze token operations and asked exchanges to halt trading, deposits and withdrawals for both stablecoins. Blockchain security firm GoPlus Security said the attack may have stemmed from a weakness in StablR’s Ethereum multisignature wallet setup.

The minting wallet was configured with a 1-of-3 multisignature threshold. Researchers say the attackers compromised a single key, added themselves as an administrator and removed the legitimate signers. 5 million EURR.

8 million after offloading the freshly minted supply. USDR currently has a $20 million market capitalization, while EURR has a $10 million market cap. StablR acknowledged that the circulating supply of USDR and EURR is currently not fully backed at the 1:1 ratio required under the European Union’s Markets in Crypto-Assets regulation.

The company said it plans to notify Malta’s financial regulator under the EU’s Digital Operational Resilience Act and MiCA reporting rules. External cybersecurity firms and law enforcement agencies are also involved. 548. Chief Executive Officer Gijs op de Weegh said the company is acting with full transparency as the investigation continues.