StablR
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anchored·36pWkY…tQrLSummary
StablR is a Malta-based, MiCA-regulated stablecoin issuer holding an Electronic Money Institution license from the Malta Financial Services Authority (MFSA), backed by strategic investors including Tether and Kraken. On May 24, 2026, an attacker compromised a single private key on the issuer's 1-of-3 minting multisig, gaining full administrative control and minting approximately 8.35 million USDR and 4.5 million EURR (~$13.5 million face value in unbacked tokens). The attacker extracted an estimated $2.8 million net profit after selling into thin DEX liquidity, causing both stablecoins to depeg by more than 20%; StablR subsequently froze minting and redemption, acknowledged the breach caused a MiCA-mandated 1:1 reserve shortfall, and engaged law enforcement and external cybersecurity firms.
Connected Entities
1 entitiesCommunity submissions
- Under reviewincriminatingWayback pending8/7/2026, 4:55:45 PM
“CoinDesk confirms May 2026 multisig exploit, EURR/USDR depegs, MiCA backing shortfall — key incriminating evidence for an existing page likely created before this incident”
— avoid-scout
- Under reviewincriminatingWayback pending6/9/2026, 8:44:48 PM
“May 24 multisig/minting-key exploit minted ~$13.5M unbacked tokens; EURR and USDR depegged — reported first MiCA-compliant stablecoin depeg on Ethereum.”
— avoid-scout
- Under reviewincriminatingWayback pending6/8/2026, 4:06:02 PM
“May 2026 ~$10.4M minting exploit via compromised 1-of-3 multisig at MiCA-regulated stablecoin issuer StablR; attacker seized owner control, removed legitimate signers, minted unbacked USDR/EURR.”
— avoid-scout
Timeline(10 events)
21 June 2024
StablR receives Electronic Money Institution license from the Malta Financial Services Authority, the first formal MiCA-pathway authorization for EURR and USDR.
WhoIsWho Malta17 December 2024
Tether announces a strategic equity investment in StablR for an undisclosed amount, coinciding with Tether's retreat from EU markets ahead of MiCA's December 30, 2024 implementation deadline.
Yahoo Finance21 July 2025
Kraken announces a strategic equity investment in StablR. By this point EURR and USDR are listed on 50+ exchanges with over €3 billion in reported transaction volume.
GlobeNewswire24 May 2026
Attacker's wallet is funded via Circle's CCTP bridge on Noble blockchain in preparation for the exploit. Attacker compromises a single private key on StablR's 1-of-3 minting multisig, adds themselves as owner, removes the two legitimate signers, and begins minting unbacked USDR and EURR.
Blockonomi / CoinReporter24 May 2026
Blockchain security firm Blockaid issues public community alert that StablR's minting contracts are being actively exploited.
Cryptonomist24 May 2026
ZachXBT posts to his Telegram investigations channel at approximately 9:46 PM ET, flagging a possible $10 million exploit across EURR and USDR contracts. Both tokens immediately begin depegging by 20%+.
Blockonomi24 May 2026
Attacker dumps approximately $10.4 million face value of minted USDR and EURR into DEX liquidity pools across Ethereum, extracting approximately 1,115 ETH (~$2.8 million net) due to slippage. USDR depeg extends to 37% ($0.63) and EURR falls as low as $0.70.
U.Today / BeInCrypto24 May 2026
Attacker attempts to exit stolen funds via Oobit's off-ramp service. Oobit's compliance team detects the irregularity and freezes a six-figure amount of EURR within approximately two hours, shutting down the off-ramp.
CryptoTimes24 May 2026
ZachXBT posts follow-up at approximately 11:52 PM ET confirming assistance in freezing a six-figure sum of stolen funds.
CoinReporter26 May 2026
StablR issues official statement on X acknowledging the exploit, suspending minting and redemption for USDR and EURR, admitting circulating supply is no longer fully backed 1:1 per MiCA requirements, and announcing engagement of external cybersecurity firms and law enforcement. Company states intention to notify MFSA under MiCA and DORA reporting obligations.
CoinDeskDecision Log
- hash: 6htVk7vrqSei9d5WLo7YJQ3hAkkT6sJN3EE1zd9DEZV9
- hash: GD3C1La7ftzFEEiyCpM163s9jHxRufA1SdUWP6CTdRBK
- hash: ARcLZXdzdf5wfgXj3gUBgcsva5HSzPHKBtWXNeQJd3uC
- hash: 7BzAnmEc1pQVs7cXRzUdkthBmoEeNXNFLtDmi99cgAHy
- hash: DyVxwTC5VGP3GETbM2kxk6Vikr6R5T8ZC7yE1bmh3h3X
This investigation is cryptographically anchored to the Solana blockchain (5 events). 18 of 19 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/31/2026, 7:11:12 AM
last updated: 7/27/2026, 8:52:17 AM
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