BlockBeats News, May 24th, the stablecoin issuer StablR was hit by a persistent attack, causing its Euro-pegged stablecoin EURR and Dollar-pegged stablecoin USDR to break their peg.

Blockchain security firm Blockaid stated that the attacker allegedly gained control by acquiring one owner's private key of the minting multisig account, replaced other administrators under a 1/3 signature mechanism, and minted an additional 8.35 million USDR and 4.5 million EURR.

Subsequently, the attacker swapped tokens worth around $10.4 million on a DEX for approximately 1,115 ETH, realizing a profit of about $2.8 million. Due to the incident, EURR dropped to around $0.88, and USDR dropped to around $0.70.

Blockaid pointed out that this event was not due to a smart contract vulnerability but rather a failure in key management and governance mechanisms.