StablR Suspends USDR and EURR After $13.5 Million Unbacked Minting
Updated
Updated · CoinDesk · May 26
StablR Suspends USDR and EURR After $13.5 Million Unbacked Minting
2 articles · Updated · CoinDesk · May 26
StablR halted operations for its USDR and EURR stablecoins after a cyberattack left the tokens under-collateralized and no longer compliant with MiCA’s 1:1 backing requirement.
A 1-of-3 multisig wallet weakness let attackers compromise one key and mint $13.5 million in unbacked tokens, from which they extracted $2.8 million.
The breach turned what should have been fully backed stablecoins into non-compliant tokens, forcing the suspension while the issuer responds to the incident.
The case highlights how a single-key failure in weak multisig setups can undermine reserve-backed crypto products and trigger immediate regulatory and operational fallout.
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