StablR Suspends USDR and EURR Minting and Redemptions After Hack Triggers Unauthorized Token Issuance

PANews, May 26 — European stablecoin issuer StablR has paused minting and redemptions for USDR and EURR following a cyberattack, CoinDesk reported. The company has also asked exchanges to suspend trading and stop deposits and withdrawals for both tokens. StablR said the attacker exploited a weakness tied to its Ethereum 1-of-3 multisignature wallet. By compromising a single private key, the hacker reportedly added themselves as an administrator and removed the original signers, enabling the issuance of roughly 8.35 million USDR and 4.5 million EURR. At peg values, the newly minted tokens were worth about $13.5 million, while actual cashouts are estimated at around $2.8 million. The unauthorized minting left both stablecoins undercollateralized and no longer compliant with MiCA’s 1:1 reserve requirement. USDR briefly lost its peg before rebounding to about $0.994, while EURR fell to roughly $0.548.