StablR Stablecoins Depeg After $2.8M Exploit on Ethereum

StablR’s Euro-backed stablecoin EURR and dollar-pegged USDR lost their pegs on Ethereum on May 24, 2026, after attackers exploited the platform’s minting system and extracted nearly $2.8 million in crypto assets. Blockchain security company Blockaid confirmed the incident and stated that the exploit was caused by a compromised private key rather than a vulnerability in the smart contracts.

According to Blockaid, the attackers gained control of StablR’s minting multisig wallet, which operated with a weak 1-of-3 signature setup. Because only one authorized signer was needed to approve actions, the hackers were able to take over the contract after compromising a single private key. They then added their own wallet as an owner and removed the legitimate signers, giving them full control over token issuance.

The attacker minted approximately 8.35 million USDR and 4.5 million EURR tokens, worth around $10.4 million at their intended peg value. However, limited liquidity on decentralized exchanges significantly reduced the amount they could cash out. Reports show the hackers swapped the newly minted tokens for about 1,115 ETH, valued at roughly $2.8 million.

The exploit caused both stablecoins to rapidly lose their pegs, with EURR dropping nearly 20% in Ethereum trading pools while USDR also slipped below its dollar value. Security experts described the incident as a governance and key management failure rather than a coding flaw.

The StablR attack highlights ongoing security concerns surrounding stablecoin governance and private key protection in decentralized finance. A similar exploit affected another stablecoin project, Resolv, earlier in 2026 using comparable tactics. StablR currently operates under Malta’s Electronic Money Institution license and complies with the European Union’s MiCA regulatory framework. The company also received strategic backing from Tether in 2024, though no recovery plan has been publicly announced.