stablr

According to CoinDesk, European stablecoin issuer StablR has suspended the minting and redemption of USDR and EURR due to a hacker attack, and has requested exchanges to stop trading and deposits/withdrawals of the two currencies. The attacker exploited a vulnerability in its Ethereum 1-of-3 multi-signature wallet with a low threshold, compromised a single private key, added themselves as an administrator, and removed the original signers, resulting in the over-issuance of approximately 8.35 million USDR and 4.5 million EURR, valued at approximately $13.5 million at the pegged price, with actual cashing out around $2.8 million.The incident led to both stablecoins being under-collateralized, no longer meeting the MiCA requirement of a 1:1 full reserve. USDR briefly depegged but recovered to about $0.994, while EURR fell to about $0.548. StablR stated that it has initiated an investigation and will report to the Maltese regulators and relevant authorities.

Tether-supported mobile wallet Oobit clarified in a post on platform X that previously, after "on-chain detective" ZachXBT disclosed that the stablecoin issuer StablR's two smart contracts (EURR and USDR) suffered a vulnerability attack of approximately $13.5 million, related funds attempted to exit through Oobit. However, its compliance team identified the abnormal behavior and successfully froze EURR funds worth six figures, while also closing the exit channel. This incident did not affect any user funds, and Oobit's own system was not breached. They are currently cooperating with StablR and investigators to advance subsequent handling.Earlier reports indicated that StablR suffered a loss of approximately $28 million due to a hacker attack, with both EURR and USDR losing their peg.

StablR officially announced on the X platform that it has identified a security vulnerability affecting its euro stablecoin EURR and dollar stablecoin USDR, and is actively controlling the vulnerability and mitigating its impact. Protecting users and user funds is its top priority, and details and follow-up measures will be announced as soon as the relevant issues are verified.According to previous reports, the StablR stablecoin became unpegged after an attack, and the attacker has profited approximately 2.8 million dollars.

According to GoPlus analysis, the stablecoin protocol StablR had security issues with its multi-signature contract settings on Ethereum (multi-signature threshold of 1), and the holder's private key was stolen, resulting in StablR $EURR and $USDR stablecoins being depegged by 20%. The attacker has profited approximately $2.8 million.

The stablecoin issuer StablR has encountered ongoing attacks, leading to its euro stablecoin EURR and dollar stablecoin USDR becoming unpegged. Blockchain security company Blockaid stated that the attackers allegedly gained control by obtaining the private key of one owner in the minting multi-signature account, replacing other administrators under a mechanism that only required 1/3 of the signatures, and additionally minted 8.35 million USDR and 4.5 million EURR. Subsequently, the attackers exchanged tokens worth approximately $10.4 million on a DEX for about 1,115 ETH, realizing a profit of approximately $2.8 million. As a result of the incident, EURR briefly fell to around $0.88, and USDR dropped to around $0.7. Blockaid pointed out that this incident was not due to a smart contract vulnerability, but rather a failure in key management and governance mechanisms.

According to an alert from PeckShield, the stablecoins USDR (USD stablecoin) and EURR (EUR stablecoin) issued by StablR have deviated from their peg, with EURR dropping by 20%. Previously, it was reported that two contracts related to the European stablecoin issuer StablR were suspected to have been attacked, with potential losses exceeding $3 million (EURR and USDR). The source of the attackers' funds was through the CCTP platform on Noble.

"On-chain detective" ZachXBT disclosed on his personal channel that two contracts related to the European stablecoin issuer StablR may have been attacked, with potential losses exceeding $3 million (EURR and USDR). The source of the attacker's funds was through the CCTP platform on Noble. Additionally, ZachXBT revealed 7 attacker addresses currently associated with this security incident.

ChainCatcher news, according to official sources, the digital asset company Tether has announced its investment in the European stablecoin provider StablR, aiming to accelerate adoption in the region.Tether's investment in StablR demonstrates its commitment to the European market and support for fully regulated stablecoins. In July of this year, StablR obtained an Electronic Money Institution (EMI) license from the Malta Financial Services Authority for its MiCAR-compliant stablecoin.Currently, StablR offers two tokens: EURR and USDR, both issued in the form of ERC-20 and Solana-compatible tokens, which can be seamlessly transferred to any Ethereum or Solana wallet address.

ChainCatcher news, according to Crowdfund Insider, stablecoin company StablR announced that it has obtained EMI licensing and is compliant with MiCA standards to soon issue a euro stablecoin.It is reported that StablR's EURR is 100% collateralized in independent accounts, with transactions being transparent, recordable, and traceable. According to MiCA regulations, all stablecoin issuers must have EMI and comply with the regulations. Non-euro pegged stablecoins also have trading restrictions.

ChainCatcher news, stablecoin startup StablR announced the completion of a €3.3 million ($3.5 million) seed round financing to establish its euro-backed stablecoin business. Deribit, Maven 11, Theta Capital, Folkvang, and Blocktech participated in the investment.It is reported that StablR began issuing euro-backed stablecoins, coded as EurR, on October 12, and the startup has been operating for over a year (since August 2022). StablR hopes it can bring liquidity to the DeFi and CeFi markets, ultimately bringing more users into the crypto ecosystem.