StablR stablecoin depegs after attack, attacker nets approximately $2.8 million

Odaily reports that stablecoin issuer StablR suffered a sustained attack, causing its euro stablecoin EURR and dollar stablecoin USDR to depeg.

Blockchain security firm Blockaid stated that the attacker allegedly gained control by obtaining the private key of one of the owners of the minting multi-signature account. Exploiting the 1/3 signature threshold mechanism, the attacker replaced other administrators and minted an additional 8.35 million USDR and 4.5 million EURR.

Subsequently, the attacker swapped tokens worth approximately $10.4 million for about 1,115 ETH on a DEX, yielding an actual profit of around $2.8 million. Following the incident, EURR fell to around $0.88, while USDR dropped to approximately $0.7.

Blockaid noted that the incident was not caused by a smart contract vulnerability but rather by a failure in key management and governance mechanisms. (Cointelegraph)