StablR freezes USDR and EURR after attacker mints $13.5 million in unbacked tokens

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email StablR freezes USDR and EURR after attacker mints $13.5 million in unbacked tokens The breach, linked to a 1-of-3 multisig wallet weakness, allowed attackers to compromise a key and mint $13.5 million in unbacked tokens, netting them $2.8 million. By Francisco Rodrigues | Edited by Jamie Crawley May 26, 2026, 11:25 a.m. 2 min read Make preferred on (Boitumelo/Unsplash) What to know : StablR suspended USDR/EURR operations after a cyberattack. The tokens are now under-collateralized and don't meet the 1:1 backing required by MiCA. The breach, linked to a 1-of-3 multisig wallet weakness, allowed attackers to compromise a key and mint $13.5M in unbacked tokens, netting them $2.8 million. Following the breach, the tokens briefly lost up to 50% of their peg; USDR is at $0.994 and EURR is significantly lower at $0.548. European stablecoin issuer StablR has suspended minting and redemption services for its USDR and EURR tokens after a cyberattack left the assets under-collateralized, according to a company statement. Onchain investigator ZachXBT publicly flagged the exploit over the weekend, posting that two contracts tied to StablR's USDR and EURR stablecoins appeared compromised. The Malta-based firm said it detected “irregularities” in its systems after internal alerts triggered an investigation . StablR froze token operations and asked exchanges to halt trading, deposits and withdrawals for both stablecoins while the company investigates the breach. USDR currently has a $20 million market capitalization, while EURR has a $10 million market cap, according to CoinGecko data . StablR acknowledged that the circulating supply of USDR and EURR is “currently not fully backed at the 1:1 ratio" as required under the European Union’s Markets in Crypto-Assets (MiCA) regulation. The company said it plans to notify Malta’s financial regulator, the Malta Financial Services Authority, under the EU’s Digital Operational Resilience Act and MiCA reporting rules. External cybersecurity firms and law enforcement agencies are also involved. Blockchain security firm GoPlus Security said the attack may have stemmed from a weakness in StablR’s Ethereum multisignature wallet setup . The minting wallet was configured with a 1-of-3 multisignature threshold, according to GoPlus. Any one of three authorized owners could approve transactions alone. Researchers say the attackers compromised a single key, added themselves as an administrator and removed the legitimate signers. They then minted roughly 8.35 million USDR and 4.5 million EURR, about $13.5 million in unbacked tokens at peg. Thin liquidity on decentralized exchanges meant the attackers netted roughly $2.8 million after offloading the freshly minted supply. StablR’s tokens briefly lost as much as 50% of their peg before starting to recover. USDR is now at $0.994, while EURR is at $0.548, far below the euro’s current value of $1.16. Chief Executive Officer Gijs op de Weegh said the company is acting “with full transparency” as the investigation continues. Stablecoins More For You Bitcoin risks another lower high as stocks rally, AI tokens outperform By Oliver Knight , Omkar Godbole | Edited by Sheldon Reback 43 minutes ago The bitcoin price chart is forming a potential lower high while ether languishes in a months-old range even as S&P 500 and Nasdaq 100 index futures push higher. What to know : The price of bitcoin has dropped 7% over two weeks and may confirm another lower high in a bearish structure dating back to October Ether fared even worse after shedding more than 10% over the same period. AI-linked tokens are bucking the weakness, with the CoinDesk Computing Select Index adding... Read full story Latest Crypto News Bitcoin ETFs crushed by billions in outflows as Treasuries stifle interest-rate cut hopes 5 minutes ago Bitcoin risks another lower high as stocks rally, AI tokens outperform 43 minutes ago Bitcoin caught between critical onchain support and an options showdown 2 hours ago XRP Ledger to delete NFT junk and patch key bugs in a new upgrade 2 hours ago Hyperliquid takes a swing at Polymarket with macro outcome bets 4 hours ago At $322 billion, the stablecoin market value exceeds the FX reserves of 95 nations 5 hours ago Top Stories Ondo Finance founder Nathan Allman dies unexpectedly 5 hours ago Buterin says Ethereum Foundation will shrink, sell less ETH, and focus on 'CROPS' 19 hours ago HYPE briefly overtakes Dogecoin, privacy tokens slide as US strikes on Iran rattle markets 6 hours ago Hyperliquid is emerging as a challenger to traditional exchanges and prediction markets, says FalconX May 25, 2026