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StablR's EURR and USDR Lose Peg After $13.5M Multisig Hack

StablR's stablecoins EURR and USDR broke their pegs after attackers exploited a compromised multisig wallet to mint $13.5 million in unauthorized tokens and rapidly dump them on decentralized exchanges. Security firm Blockaid said the incident originated from a 1-of-3 multisig configuration controlling StablR's minting contract. After compromising one signer, the attacker took administrative control, replaced existing owners, and minted 8.35 million USDR and 4.5 million EURR, creating roughly $13.5 million in unbacked supply. Blockaid estimated about $10.4 million was swapped into ETH across DEXs, though heavy slippage reduced realized gains to roughly $2.8 million. The attacker also used admin privileges to blacklist and burn tokens; onchain data shows around 2.7 million EURR was removed from a wallet involved in standard redemption flows. Market impact was immediate. EURR slid to around $0.85 and USDR fell as low as $0.40 as liquidity evaporated and unbacked tokens flooded trading pools. CoinGecko data showed EURR still near $0.85 after the main attack window, while USDR rebounded modestly but remained well below parity. Onchain investigator ZachXBT flagged the exploit while activity was still ongoing, tracking wallet movements funded via Circle's CrossChain Transfer Protocol. He also reported partial fund freezes during the window. StablR acknowledged the breach hours later as onchain activity slowed, saying it was working to contain the exploit and assess broader system impact. Blockaid characterized the event as a governance and key-management failure rather than a smart contract bug, with the low 1-of-3 signing threshold central to the breakdown. StablR has previously cited backing from Tether and Kraken and operates under a license from Malta's financial regulator, positioning EURR and USDR within regulated European stablecoin markets. Earlier disclosures said the tokens processed more than €3 billion in transaction volume in early 2025 and were listed on over 50 exchanges across more than 150 trading pairs. The episode adds to a wider run of 2026 crypto exploits tied to privileged access and governance failures.
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