StablR Loses $2.8M in Hack; 8.35M USDR and 4.5M EURR Minted on May 18

According to Blockaid, StablR stablecoins suffered an attack on Sunday, May 18, resulting in a $2.8 million loss. The attacker compromised a private key from the minting multi-signature wallet and exploited the low 1/3 signature threshold to add themselves as an owner and replace other signers.

The attacker subsequently minted 8.35 million USDR and 4.5 million EURR. Unable to liquidate the full amount due to insufficient on-chain liquidity, they exchanged approximately $10.4 million in token value for 1,115 ETH, netting around $2.8 million.