TechFlow News, May 24: According to a Cointelegraph report, blockchain security firm Blockaid disclosed on Sunday that stablecoin issuer StablR is under an ongoing attack, having lost approximately $2.8 million so far. The attacker compromised the private key of one owner of StablR’s multisig minting account and exploited the account’s low security threshold—requiring only 1 out of 3 signatures—to add themselves as an owner and replace other signers. Subsequently, they minted 8.35 million USDR and 4.5 million EURR tokens. Due to insufficient on-chain liquidity, the attacker swapped these tokens—valued at roughly $10.4 million—on decentralized exchanges for approximately 1,115 ETH, effectively cashing out around $2.8 million.
As a result, EURR’s price plummeted 23%, falling from its $1.15 peg to $0.88; USDR dropped 30% to $0.70. Blockaid stated, “This is not a smart contract vulnerability, but rather a failure in private key management and governance mechanisms.”
Since May, over a dozen major security incidents have occurred across the crypto market, affecting protocols including THORChain, Verus Bridge, Echo Protocol, and Polymarket—to varying degrees.
