European Stablecoin Issuer StablR Seeming to Suffer Over $10 Million in Hacking Damage

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Analysis suggests that StablR, a European stablecoin issuer, has been exposed to hacking losses exceeding $10 million. Yusuf, a cryptocurrency influencer from the United Arab Emirates, cited an analysis by blockchain security firm Blockaid, stating, "It appears that vulnerabilities were exposed in two StablR-related smart contracts, causing damage to their Euro-pegged stablecoin EURR and Dollar-pegged stablecoin USDR. StablR has already frozen millions of dollars in stolen funds, and more than 20% depegging (deviation from the dollar and euro values) has been observed in both USDR and EURR." StablR secured a private investment from Tether in December 2024.

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