European stablecoin issuer StablR may have been hacked for over $10M

European stablecoin issuer StablR has reportedly been exposed to a hack exceeding $10 million, according to Yusuf, a crypto influencer in the UAE, citing an analysis by blockchain security firm Blockaid. Yusuf explained that vulnerabilities were discovered in two smart contracts related to StablR, affecting its euro-pegged stablecoin, EURR, and its dollar-pegged stablecoin, USDR. He added that StablR has already frozen millions of dollars in stolen funds and that both stablecoins have depegged by more than 20%, losing their intended value against the U.S. dollar and euro. StablR received an undisclosed investment from Tether in December 2024.