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Following a cyberattack exploiting a weakness in a 1-of-3 multisig wallet, StablR has halted operations for USDR and EURR after attackers minted $13.5 million in unbacked tokens, profiting $2.8 million.
By Francisco Rodrigues|Edited by Jamie Crawley May 26, 2026, 11:25 a.m. 2 min readMake preferred on
Key Points:
- StablR has halted operations for USDR and EURR due to a cyberattack that left the tokens under-collateralized, violating the 1:1 backing rule mandated by MiCA.
- The exploit, associated with a weakness in a 1-of-3 multisig wallet, enabled attackers to mint $13.5 million in unbacked tokens, netting them $2.8 million.
- As a result of the breach, the tokens briefly lost up to 50% of their peg; USDR is now valued at $0.994, while EURR is significantly lower at $0.548.
Overview
StablR, a European stablecoin issuer, has announced the suspension of minting and redemption for its USDR and EURR tokens following a cyberattack that rendered the assets under-collateralized.
Onchain investigator ZachXBT noted the exploit over the weekend, indicating that two contracts associated with StablR's stablecoins appeared to be compromised.
The firm, based in Malta, stated that it detected "irregularities" within its systems after receiving internal alerts, prompting an investigation.
In response to the breach, StablR has frozen token operations and urged exchanges to stop trading, deposits, and withdrawals for both stablecoins while the investigation is ongoing. As per CoinGecko data, USDR has a market cap of $20 million, while EURR stands at $10 million.
StablR acknowledged that the current supply of USDR and EURR is "not fully backed at the 1:1 ratio" as stipulated by the European Union’s Markets in Crypto-Assets (MiCA) regulation.
The company intends to inform Malta’s financial authority, the Malta Financial Services Authority, in compliance with the EU’s Digital Operational Resilience Act and MiCA requirements. Additionally, external cybersecurity firms and law enforcement agencies are involved in the investigation.
According to blockchain security firm GoPlus Security, the attack likely originated from a flaw in StablR’s Ethereum multisignature wallet configuration.
The minting wallet was set up with a 1-of-3 multisignature threshold, allowing any one of the three authorized signers to approve transactions independently.
Researchers have indicated that the attackers compromised a single key, positioned themselves as administrators, and removed the legitimate signers. They subsequently minted approximately 8.35 million USDR and 4.5 million EURR, totaling about $13.5 million in unbacked tokens.
Due to thin liquidity on decentralized exchanges, the attackers managed to realize around $2.8 million after selling the newly minted supply.
StablR’s tokens saw a sharp drop, losing nearly 50% of their peg before beginning to recover. Currently, USDR is priced at $0.994, while EURR is at $0.548, significantly lower than the euro’s current value of $1.16.
CEO Gijs op de Weegh emphasized that the company is operating "with full transparency" as the investigation proceeds.
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