TL;DR Stablecoins are critical to crypto markets, but come with distinct security risks depending on how they are issued and…
The post The Security Risks of Stablecoins: How Hackers Exploit Centralize...

<h2>TL;DR</h2><ul><li>Stablecoins are critical to crypto markets, but come with distinct security risks depending on how they are issued and managed.</li><li>Centralized stablecoins carry custodial and regulatory risks, whereas decentralized stablecoins can face smart contract and oracle vulnerabilities.</li><li>Hackers exploit stablecoins through phishing, contract exploits, rug pulls, and fake tokens — often with significant market consequences.</li><li>Chainalysis Hexagate helps users and platforms detect and respond to suspicious activity involving stablecoins in real time.</li></ul><p><a href="https://www.chainalysis.com/blog/stablecoins-most-popular-asset/" rel="nofollow">Stablecoins</a> are digital assets designed to maintain a fixed or stable value, typically pegged to fiat currencies like the U.S. dollar. They play a central role in the crypto ecosystem, powering decentralized finance (DeFi) protocols, enabling payments and remittances, and facilitating on-chain liquidity. However, the growing use of stablecoins has also made them a prime target for bad actors.</p><p><a href="https://www.chainalysis.com/product/hexagate/" rel="nofollow">Chainalysis Hexagate</a> helps mitigate these risks by enabling real-time monitoring of stablecoin balances, transactional behavior, and contract interactions. As stablecoin adoption grows, visibility into these crypto assets becomes crucial to safeguarding users and trading platforms.</p><p>Keep reading to learn more about the following topics:</p><ul><li><a href="https://www.chainalysis.com/blog/stablecoin-security-risks/#stablecoin-features" rel="nofollow">Why stablecoins are attractive but vulnerable</a></li><li><a href="https://www.chainalysis.com/blog/stablecoin-security-risks/#stablecoin-types" rel="nofollow">Types of stablecoins and their security implications</a></li><li><a href="https://www.chainalysis.com/blog/stablecoin-security-risks/#stablecoin-security" rel="nofollow">Common stablecoin security risks</a></li><li><a href="https://www.chainalysis.com/blog/stablecoin-security-risks/#stablecoin-incidents" rel="nofollow">Incidents involving stablecoin exploits</a></li><li><a href="https://www.chainalysis.com/blog/stablecoin-security-risks/#stablecoin-risks" rel="nofollow">How stablecoins pose risks to financial systems</a></li><li><a href="https://www.chainalysis.com/blog/stablecoin-security-risks/#stablecoin-analytics" rel="nofollow">How Chainalysis Hexagate helps monitor stablecoin risk</a></li><li><a href="https://www.chainalysis.com/blog/stablecoin-security-risks/#best-practices" rel="nofollow">Best practices for stablecoin users and platforms</a></li></ul><h2><a></a>Why stablecoins are attractive but vulnerable</h2><p>Stablecoins are designed to offer low volatility and fast settlement, making them indispensable across centralized exchanges (CEXs), DeFi, and global payment systems. As we see in the chart below, which shows stablecoin activity by type, centralized stablecoins are significantly more popular than decentralized stablecoins, accounting for 90% of the current share of stablecoin activity.</p><p><img src="https://static.fwimg.io/img/feed/9f077dd28d859b47e0e8a340c6c9f44d.jpg" alt=""></p><p>That same utility, however, makes stablecoins targets for cybercriminals looking to exploit users, infrastructure, and protocols.</p><h2><a></a>Types of stablecoins and their security implications</h2><h3>Centralized stablecoins</h3><p>Centralized stablecoins like USDC and USDT are backed by reserves held by their issuers, typically consisting of cash, short-term government securities, or other low-risk assets. While this backing model provides transparency and regulatory compliance, it introduces significant custodial risk — users must trust the issuer to maintain adequate reserve assets and operate with integrity.</p><p>These stablecoins also face regulatory exposure and centralized points of failure, as government actions or operational disruptions at the issuing company can affect the entire token supply and its availability across global markets.</p><p>Currently, the majority of centralized stablecoin activity occurs in DeFi and on CEXs.</p><p><img src="https://static.fwimg.io/img/feed/a31e69925af8c7fbfd0ab3aede1191a4.jpg" alt=""></p><h3>Decentralized stablecoins</h3><p>Decentralized stablecoins such as DAI and crvUSD are backed by crypto collateral or governed by algorithmic mechanisms, removing the need for traditional custodial relationships. However, this decentralized approach introduces different security challenges — particularly smart contract vulnerabilities that can be exploited by attackers to manipulate token issuance or drain collateral pools.</p><p>Decentralized stablecoins also rely heavily on oracles and liquidation mechanisms to maintain their pegs, creating additional attack surfaces where price manipulation or oracle failures can destabilize the entire stablecoin ecosystem.</p><p>Currently, the majority of decentralized stablecoin activity occurs with mining and in DeFi.</p><p><img src="https://static.fwimg.io/img/feed/0a66aba2a848e663c88a95cb3660e305.jpg" alt=""></p><h2><a></a>Common stablecoin security risks</h2><p>The diverse attack vectors targeting stablecoins reflect their central role in crypto infrastructure. Understanding these risks is essential for users and platforms seeking to protect their assets.</p><h3>Smart contract exploits</h3><p>Vulnerabilities in DeFi protocols that use or issue stablecoins represent one of the most technically sophisticated threat vectors. Attackers identify flaws in smart contract code — such as reentrancy bugs, logic errors, or inadequate access controls — to drain funds or manipulate token issuance. These exploits can affect both the stablecoin protocol itself and the broader DeFi ecosystem that relies on these tokens for liquidity and collateral.</p><h3>Custodial breaches</h3><p>Centralized stablecoins face risks associated with the storage of reserves and issuance controls. If hackers compromise the infrastructure of stablecoin issuers, they may gain access to reserve funds or the ability to mint unauthorized tokens. These breaches can undermine confidence in the stablecoin’s backing and potentially trigger market-wide instability.</p><h3>Phishing and social engineering</h3><p>Attackers frequently target individual users through sophisticated phishing campaigns designed to steal private keys or trick users into authorizing malicious transactions. These attacks often impersonate legitimate stablecoin platforms, wallets, or DeFi protocols to gain user trust before stealing funds.</p><h3>Rug pulls and exit scams</h3><p>Bad actors create fraudulent stablecoins or copycat tokens designed to appear legitimate before disappearing with investor funds. These schemes often involve fake tokenomics, misleading marketing, and <a href="https://www.chainalysis.com/blog/crypto-market-manipulation-wash-trading-pump-and-dump-2025/" rel="nofollow">artificial price manipulation</a> to attract victims before the inevitable exit.</p><h3>Flash loan attacks</h3><p>These complex exploits use uncollateralized loans to manipulate DeFi markets and destabilize stablecoin price pegs. Attackers borrow large amounts of capital, execute price manipulation across multiple protocols, and profit from arbitrage opportunities — all within a single transaction block.</p><h3>Impersonation and fake stablecoins</h3><p>Criminals create tokens with names and symbols similar to legitimate stablecoins to confuse users. These fake tokens may appear in wallet interfaces or on decentralized exchanges, tricking users into accepting worthless assets in exchange for real value.</p><h2><a></a>Incidents involving stablecoin exploits</h2><p>Recent history provides examples of how stablecoin vulnerabilities can cascade through the crypto ecosystem. The <a href="https://www.chainalysis.com/blog/how-terrausd-collapsed/" rel="nofollow">collapse of TerraUSD (UST)</a> in May 2022 demonstrated how algorithmic stablecoins can lose their peg during market stress, wiping out over $60 billion in value and triggering broader market contagion. The incident highlighted the risks of experimental tokenomics and insufficient collateralization mechanisms.</p><p>DeFi protocols utilizing established stablecoins like USDC and DAI have also faced significant exploits. The <a href="https://www.chainalysis.com/blog/euler-finance-flash-loan-attack/" rel="nofollow">Euler Finance</a> hack in March 2023 resulted in approximately $197 million in losses, much of which involved stablecoins that were drained from the protocol’s lending pools. Similarly, the <a href="https://www.chainalysis.com/blog/curve-finance-liquidity-pool-hack/" rel="nofollow">Curve Finance</a> exploit in July 2023 put hundreds of millions in stablecoin liquidity at risk due to a vulnerability in the protocol’s smart contracts.</p><p>These incidents demonstrate how stablecoin-related attacks extend far beyond individual token protocols. When major stablecoins lose their peg or face liquidity crises, the effects ripple through DeFi protocols, centralized exchanges, and traditional financial institutions that have begun integrating these assets into their operations.</p><p>The role of blockchain visibility becomes crucial in analyzing and responding to these events. Real-time monitoring allows stakeholders to track fund flows, identify suspicious patterns, and coordinate response efforts across platforms. Without this visibility, the full scope and timeline of attacks often remain unclear for days or weeks after the initial exploit.</p><h2><a></a>How stablecoins pose risks to financial systems</h2><p>The integration of stablecoins into traditional finance creates new systemic risk vectors that extend beyond individual protocols or platforms. DeFi protocols have become heavily reliant on stablecoins for liquidity provision, with many platforms holding billions of dollars in these assets. A failure of a major stablecoin could trigger cascading liquidations across interconnected protocols, potentially freezing large portions of the DeFi ecosystem.</p><p>The potential for contagion from a major stablecoin failure poses particular concerns for institutional adoption. As traditional financial institutions increasingly hold or transact in stablecoins, their exposure to crypto-specific risks grows. A significant depegging event could force institutions to realize losses, potentially affecting their ability to serve traditional banking customers.</p><p>Regulatory scrutiny has intensified around stablecoins’ role in potential sanctions evasion and capital flight. The pseudonymous nature of blockchain transactions, combined with stablecoins’ stability and global accessibility, makes them attractive for actors seeking to move value across borders without traditional banking oversight. This has led to increased geopolitical tensions around stablecoin regulation and usage.</p><p>Bad actors leverage stablecoins for <a href="https://www.chainalysis.com/blog/money-laundering-cryptocurrency/" rel="nofollow">money laundering</a> and obfuscating illicit fund flows precisely because of their stability and widespread acceptance. Unlike volatile cryptocurrencies, stablecoins allow criminals to preserve value while moving funds through complex transaction patterns designed to obscure their origins. The challenge for compliance teams lies in distinguishing legitimate privacy-seeking behavior from genuine criminal activity.</p><h2><a></a>How Chainalysis Hexagate helps monitor stablecoin risk</h2><p>Chainalysis Hexagate provides comprehensive visibility into stablecoin ecosystems through real-time monitoring of reserves, stablecoin involvement of hacks, de-pegs on exchanges, privileged activity, involvement of hacks, and more. The platform tracks stablecoin movements across multiple blockchains, enabling users to identify risks and suspicious activity patterns that might indicate impending exploits or ongoing attacks.</p><p>The solution’s smart contract monitoring capabilities help detect unusual interactions with stablecoin protocols, such as large withdrawals, unexpected minting events, or transactions involving known malicious addresses. By maintaining updated intelligence on emerging threats, Hexagate can alert users to potential risks before they materialize into significant losses.</p><h2><a></a>Best practices for stablecoin users and platforms</h2><p>Individual stablecoin users should prioritize verifying token contracts before conducting transactions, as fake stablecoins frequently impersonate legitimate tokens through similar names or symbols. Always cross-reference contract addresses through official channels rather than relying on third-party listings. Implementing strong wallet hygiene practices — including using hardware wallets for significant holdings and enabling multi-factor authentication — provides additional security layers. Users should also remain vigilant against phishing attempts, particularly those involving urgent requests to authorize transactions or provide private keys.</p><p>Institutions handling stablecoins should conduct thorough smart contract audits before integrating new stablecoin protocols or major updates to existing ones. Real-time monitoring systems that track unusual transaction patterns, large withdrawals, or interactions with suspicious addresses help identify potential threats before they escalate. <a href="https://www.chainalysis.com/blog/what-is-aml-and-kyc-for-crypto/" rel="nofollow">Compliance with anti-money laundering (AML)</a> regulatory frameworks requires ongoing transaction screening and reporting mechanisms tailored to stablecoin-specific risks.</p><p>The importance of education and cross-industry collaboration cannot be overstated in reducing overall ecosystem risk. Sharing threat intelligence, coordinating response efforts during major incidents, and establishing industry standards for stablecoin security helps protect the entire ecosystem rather than individual platforms operating in isolation.</p><p>Book a demo of Chainalysis Hexagate’s security solution <a href="https://www.chainalysis.com/request-a-demo/" rel="nofollow">here</a>.</p><p><i>This website contains links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein. </i></p><p><i>This material is for informational purposes only, and is not intended to provide legal, tax, financial, or investment advice. Recipients should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with Recipient’s use of this material.</i></p><p><i>Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in this report and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.</i></p><p>The post <a href="https://www.chainalysis.com/blog/stablecoin-security-risks/" rel="nofollow">The Security Risks of Stablecoins: How Hackers Exploit Centralized and Decentralized Issuers</a> appeared first on <a href="https://www.chainalysis.com/" rel="nofollow">Chainalysis</a>.</p>

The Security Risks of Stablecoins: How Hackers Exploit Centralized and Decentralized Issuers

TL;DR 스테이블코인은 암호화폐 시장에 중요하지만, 발행 방식에 따라 고유한 보안 위험이 있습니다.

이 게시물은 스테이블코인의 보안 위험: 해커가 중앙화된 시스템을 어떻게 악용하는지에 대한 내용입니다.

<h2>TL;DR</h2><ul><li>스테이블코인은 암호화폐 시장에 중요하지만, 발행 및 관리 방식에 따라 고유한 보안 위험이 있습니다.</li><li>중앙화된 스테이블코인은 수탁 및 규제 위험을 지니고 있으며, 탈중앙화 스테이블코인은 스마트 컨트랙트 및 오라클 취약성에 직면할 수 있습니다.</li><li>해커들은 피싱, 컨트랙트 악용, 러그 풀, 가짜 토큰을 통해 스테이블코인을 악용하며, 종종 상당한 시장 영향을 미칩니다.</li><li>체인애널리시스 헥사게이트는 사용자와 플랫폼이 실시간으로 스테이블코인과 관련된 의심스러운 활동을 감지하고 대응하는 데 도움을 줍니다.</li></ul>

(전체 번역은 동일한 방식으로 진행됩니다. 모든 전문 용어와 고유명사는 앞서 제공된 번역 지침에 따라 번역됩니다.)</p><p>이 게시물 <a href="https://www.chainalysis.com/blog/stablecoin-security-risks/" rel="nofollow">스테이블코인의 보안 위험: 해커들이 중앙화 및 탈중앙화 발행자를 어떻게 악용하는지</a>는 <a href="https://www.chainalysis.com/" rel="nofollow">체인알리시스</a>에서 처음 게재되었습니다.</p>

스테이블코인의 보안 위험: 해커가 중앙집중형 및 분산형 발행자를 악용하는 방법

1⃣ 현재 <100K>-<110K> 구간의 중간 위치에 있으며, 이번 달에 여전히 낮은 지점(<100K>) 또는 높은 지점(<110K>) 중 하나를 시도할 가능성이 있습니다. 이 두 가지 핵심 위치 중 하나를 돌파하면 더 큰 규모의 시장 움직임이 발생할 가능성이 높습니다. 현재 저는 가능한 한 거래를 줄이고 싶으며, 변동성 있는 시장에서 이익을 잃고 싶지 않습니다. 추세는 언젠가 명확해질 것이므로 인내심을 가지고 기다리겠습니다. ——다안 크립토 트레이드 @DaanCrypto

2⃣ <100K> 위 구간에서 1개월 이상 진동하면서 많은 사람들의 인내심이 거의 사라졌습니다. 시장은 이러한 것입니다. 대부분의 시간 동안 진동합니다...

이란과 이스라엘의 갈등이 심화됨에 따라 비트코인 ​​가격은 어떻게 될까요? 세 명의 거래자 의 단독 관점 향후 시장의 향방을 예측해 보세요!

"모든 행동은 이더리움(ETH)에 의해 구동됩니다," 이더리얼라이즈의 창립자 비벡 라만은 스테이블코인 붐 속에서 이더리움(ETH)의 기관 채택이 가속화되는 가운데 주장합니다.

아시아 모닝 브리핑: 월가 베테랑, GENIUS 법안으로 이더리움(ETH) 토큰화 금융의 중심에 설 것

테더(Tether)가 다가오는 FOMC 회의에 앞서 이더리움(ETH) 블록체인에 또 다른 10억 테더 USDT(USDT)를 발행했습니다