StablR — Multisig Exploit and EURR/USDR Depeg
Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the judge moved the trust score from 28 to 21. Version history →
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anchored·X1UTad…vwkVSummary
On May 24, 2026, an attacker compromised one signer of StablR's 1-of-3 minting multisig and used the resulting administrator access to mint roughly $13.5 million in unbacked EURR and USDR tokens, which were sold on decentralized exchanges and caused both euro- and dollar-pegged stablecoins to depeg sharply. StablR suspended minting and redemption that day and, three months later, confirmed in a regulatory notification that more than 20 million unbacked token units remained in circulation with no redemption timetable. The incident compounded pre-existing scrutiny of StablR's management, several of whom previously ran the payments firm Payvision, which Dutch authorities fined over anti-money-laundering failures.
Connected Entities
6 entities · 60 linked investigations- StablR→mentioned with→Tether(70%)
- StablR→mentioned with→Ethereum(65%)
- StablR — Multisig Exploit and EURR/USDR Depeg→mentioned with→StablR(70%)
- StablR — Multisig Exploit and EURR/USDR Depeg→mentioned with→Ethereum(70%)
- StablR — Multisig Exploit and EURR/USDR Depeg→mentioned with→Tether(70%)
- Solana→mentioned with→Ethereum(60%)
- StablR — Multisig Exploit and EURR/USDR Depeg→mentioned with→Solana(65%)
Timeline(9 events)
2024
StablR receives an Electronic Money Institution license from the MFSA under MiCA Title IV, allowing issuance of EURR (sources differ on whether this occurred in June or July 2024)
EFRI / TetherApril 2024
Dutch Public Prosecution Service settles AML-failure cases against two former Payvision directors (reported by FinTelegram as Rudolf Booker, €180,000, and Cheng Liem Li, €150,000) by penalty order, covering inadequate due diligence from 2016 to April 2020
VixioJuly 2025
EFRI sends a letter to the MFSA, copied to the EBA, urging it to urgently reassess StablR's EMI license over undisclosed Payvision-linked AML concerns
EFRIJuly 2025
StablR announces a strategic investment from Kraken, around July 21, 2025 per secondary reporting
FinTelegram / CB InsightsMay 2026
Attacker compromises a signer of StablR's 1-of-3 minting multisig, mints ~$13.5 million in unbacked EURR and USDR, and sells tokens on DEXs; StablR suspends minting and redemption of both tokens
The Block / EFRI24 August 2026
EFRI submits a renewed supervisory request to the MFSA concerning StablR's licensing and the handling of the May 2026 incident
EFRIAugust 2026
StablR publicly quantifies for the first time that more than 20 million unbacked EURR/USDR units remain in circulation, with redemption still suspended and no resumption timetable
EFRIDecision Log
- slot 464362717 · hash C3zdp6Stms4DMMsx4uWqbVL54hDDU9GMuBDdqvViFRnm
- slot 464362573 · hash 6EuuAerFv2vsKZK1YNYpubBo6eLxyzdFXSe2zkJnw8MV
- slot 457753129 · hash JCzwq3HCLryhXCa5jik1nj3cZ1h2HapQFAN2W67ZKEz3
- slot 443515747 · hash 3xkzMmrnHydMRXmTMhhe2Ud5fwWW1GipFocFL1LpvxwU
- slot 443515745 · hash 4mybwfUNUdmBeajawoJNzYPZHdorcn555SGjG4qH7LMv
- slot 443507172 · hash 9N6ZPQTXV2nNu6HzwJyq2rbiDQCCnHq9bMtkoEBxcRHZ
This investigation is cryptographically anchored to the Solana blockchain (6 decisions). 8 of 12 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 8/12/2026, 12:05:54 PM
last updated: 11/2/2026, 4:34:28 AM
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