According to CoinDesk, European stablecoin issuer StablR has reportedly suspended its USDR and EURR issuance and redemption services in connection with the issuance of approximately $13.5 million worth of uncollateralized tokens due to a hacking attack yesterday. According to on-chain analyst ZachXBT and blockchain security firm GoPlus, the attacker exploited a 1-of-3 multisig structure vulnerability to seize administrator privileges and then issued approximately 8.35 million USDR and 4.5 million EURR. Following the incident, USDR and EURR experienced de-pegging of up to 50% at one point, and EURR is currently trading at around $0.548. StablR admitted that its token reserves currently do not meet the 1:1 collateral ratio required by MiCA regulations and stated that it has requested exchanges to suspend trading and deposits/withdrawals.
