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

Odaily reported 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 owner of the minting multi-signature account. Under a mechanism requiring only 1/3 signatures, the attacker replaced other administrators and minted an additional 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. Due to the incident, EURR briefly 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 failures in key management and governance mechanisms. (Cointelegraph)