The European stablecoin issuer StablR has fallen victim to a hack that resulted in the theft of at least $2.8 million, as noted by Blockaid.

🚨Community Alert
Blockaid's exploit detection system has identified an ongoing exploit on @StablREuro.

~$2.8M extracted so far.

Both tokens are depegged: 0x50753cfaf86c094925bf976f218d043f8791e408 (StablR Euro)
and
0x7b43e3875440b44613dc3bc08e7763e6da63c8f8 (StablR USD) on…

— Blockaid (@blockaid_) May 24, 2026

On the attack against the smart contracts of both coins—EURR and USDR—reported the well-known on-chain investigator ZachXBT. According to him, the hacker financed the operation through the CCTP cross-chain bridge on the Noble platform from the Cosmos ecosystem.  

Preliminary findings from Blockaid experts suggest that the hacker compromised the private key of one of the multi-signature owners responsible for minting the coins. Due to a weak threshold (1 out of 3), the attacker was able to gain full control over the system with just one account. As a result, he:

  • added himself as an owner and replaced two other legitimate participants;
  • minted 8.35 million USDR and 4.5 million EURR.

The coins, valued at approximately $10.4 million, were exchanged through decentralized exchanges for 1115 ETH (~$2.8 million) due to low liquidity.

"This is not a bug in the smart contract—it's a failure in key management and governance," concluded Blockaid specialists.

They, along with ZachXBT, noted that the StablR team did not respond to the attack for at least several hours.

As a result of the incident, the company's stablecoins lost their peg to their underlying assets. At the time of writing, EURR is trading at $0.93 (-20% from par), while USDR is at $0.97 (-3%).

The market capitalization of the euro-based coin is $10.9 million, while the dollar asset's supply approaches $20.7 million.

In May, there have already been at least a dozen attacks on crypto projects, including TrustedVolumes, THORChain, Verus, Echo Protocol, and Polymarket.

It is worth noting that April set a record for the number of hacks in the industry, with over 20 incidents reported in that month.