StablR suspends USDR and EURR services due to an attack that resulted in excessive token issuance.

According to ME News, on May 26 (UTC+8), StablR, the issuer of the European stablecoin, suspended the minting and redemption of USDR and EURR due to a hacker attack, and requested exchanges to stop trading, deposits, and withdrawals of the two coins. The attackers exploited a vulnerability in StablR's Ethereum 1-of-3 multisignature wallet, which had a low threshold for entry. After compromising a single private key, they added themselves as an administrator and removed existing signers, thereby over-issuing approximately 8.35 million USDR and 4.5 million EURR, with a pegged price of approximately $13.5 million, and actually cashing out approximately $2.8 million. The incident resulted in insufficient collateral for both stablecoins, no longer meeting the MiCA requirement of a 1:1 reserve. USDR briefly depegged but recovered to approximately $0.994, while EURR fell to approximately $0.548. StablR stated that it has launched an investigation and will report to Maltese regulators and relevant authorities. (Source: ME)