StablR suspends USDR, EURR services after $13.5M hack

European stablecoin issuer StablR has suspended issuance and redemption services for its USDR and EURR tokens following a hacking attack yesterday, CoinDesk reported. The incident involved the minting of approximately $13.5 million in uncollateralized tokens. According to on-chain analyst ZachXBT and blockchain security firm GoPlus, an attacker exploited a 1-of-3 multisig vulnerability to gain administrative privileges, subsequently minting approximately 8.35 million USDR and 4.5 million EURR. Following the event, both USDR and EURR depegged by as much as 50%, with EURR currently trading at around $0.548. StablR acknowledged that its token reserves no longer meet the 1:1 collateral ratio required under MiCA regulations and has requested that exchanges halt trading and suspend deposits and withdrawals.