StablR suspends USDR and EURR services due to an attack that resulted in excessive token issuance.

CoinFeed reported on May 26th that, according to CoinDesk, StablR, the issuer of the European stablecoin, suspended the minting and redemption of USDR and EURR due to a hacker attack, and demanded that exchanges halt trading, deposits, and withdrawals of the two tokens. The attackers exploited a vulnerability in StablR's Ethereum 1-of-3 multisignature wallet, which had a low threshold for entry. After compromising a single private key, they added themselves as administrator and removed existing signers, thereby over-issuing approximately 8.35 million USDR and 4.5 million EURR, priced at approximately $13.5 million at the peg, and actually cashing out approximately $2.8 million. The incident resulted in insufficient collateral for both stablecoins, no longer meeting MiCA's requirement of a 1:1 reserve. USDR briefly de-pegged but recovered to approximately $0.994, while EURR fell to approximately $0.548.