Headline: StablR stablecoins depeg after suspected private-key compromise — attacker mints tokens, nets ~$2.8M StablR’s euro and dollar stablecoins plunged off-peg this weekend after a suspected private-key compromise let an attacker seize minting control and create millions of fresh tokens. What happened - Blockchain security firm Blockaid flagged an active exploit on Ethereum affecting StablR Euro (EURR) and StablR USD (USDR). Blockaid says about $2.8 million was extracted so far. - The suspected root cause was a compromised private key tied to one owner of the minting multisig. The minting multisig reportedly used a 1-of-3 threshold — meaning a single compromised key granted full minting authority. - According to Blockaid, the attacker: 1. Added themselves as an owner, 2. Replaced the two legitimate owners, and 3. Minted 8.35 million USDR and 4.5 million EURR. Market impact and on-chain activity - The attacker routed roughly $10.4 million face value of the newly minted tokens through decentralized exchanges, but thin liquidity meant they realized only about 1,115 ETH — roughly $2.8 million. - Blockaid summed up the failure bluntly: “This is not a smart contract bug — it’s a key management and governance failure.” - Price trackers showed the peg breaking during Sunday trading. CoinGecko listed EURR near $0.908 (down >21% over 24 hours); CoinMarketCap showed EURR near $0.8995 (down >22%). USDR fell below its $1 peg as well, trading around $0.7225 on CoinMarketCap during the incident. Background on StablR - StablR markets EURR and USDR as regulated stablecoins backed by segregated reserves, and notes tokens run on Ethereum and Solana. - The issuer has ties to larger market players: Tether invested in StablR in December 2024, and the project has worked with Oobit to launch MiCA-compliant EURR and USDR payment support in Europe (previously reported by crypto.news). Wider context - The incident underscores that minting controls and key management remain a persistent attack surface in stablecoin systems. It follows a string of recent security events — for example, the Verus bridge return and Resolv Labs’ USR depeg after unbacked minting — reminding the industry that governance and operational security are as critical as smart contract code. What to watch - Ongoing on-chain forensic work for fund recovery and owner remediation. - Whether StablR pauses minting or updates multisig governance and key-management practices. - Any coordination with regulators or custodians, given the projects’ claims of regulated reserves. We’ll update as more details and official statements emerge. Read more AI-generated news on: undefined/news