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

Odaily Planet Daily News Stablecoin issuer StablR suffered a sustained attack, causing its euro stablecoin EURR and dollar stablecoin USDR to depeg.

Blockchain security company Blockaid stated that the attacker allegedly gained control by obtaining the private key of one of the owners of the minting multi-signature account. Under the mechanism requiring only 1/3 signatures, the attacker replaced other administrators and additionally minted 8.35 million USDR and 4.5 million EURR.

Subsequently, the attacker exchanged tokens worth approximately $10.4 million for about 1,115 ETH on a DEX, realizing an actual profit of around $2.8 million. Affected by the incident, EURR once fell to around $0.88, and USDR fell to around $0.7.

Blockaid pointed out that this incident was not caused by a smart contract vulnerability but by a failure in key management and governance mechanisms. (Cointelegraph)