StablR — Multisig Exploit and EURR/USDR Depeg
Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.
anchored·X1UTad…vwkVSummary
StablR is a Malta-licensed, MiCA-compliant stablecoin issuer backed by Tether that issues EURR (euro-pegged) and USDR (dollar-pegged) tokens on Ethereum and Solana. On May 24, 2026, an attacker compromised one signer in the platform's 1-of-3 minting multisig, replaced the remaining legitimate owners with malicious addresses, and minted approximately $13.5 million in unbacked tokens, realizing roughly $2.8 million (1,115 ETH) in net proceeds by dumping on decentralized exchanges. Both stablecoins lost significant peg value within hours; as of late July 2026, minting and redemption remain suspended and the reserve deficit had not been publicly resolved.
Connected Entities
1 entities- + 1 more
Timeline(12 events)
July 2024
StablR receives Electronic Money Institution (EMI) license from the Malta Financial Services Authority (MFSA), qualifying it to issue MiCA-compliant stablecoins under EU law.
CoinDesk17 December 2024
Tether announces a strategic investment in StablR, also agreeing to support compliance infrastructure via its Hadron tokenization platform.
CoinDeskJuly 2025
EFRI submits formal concerns to the MFSA alleging governance issues at StablR related to individuals with prior associations with Payvision. No substantive public MFSA response is issued.
EFRI24 May 2026
Attacker compromises one private key from StablR's 1-of-3 Ethereum minting multisig, replaces all legitimate signers with malicious addresses, and mints approximately 8.35 million USDR and 4.5 million EURR in unbacked tokens (~$13.5M face value). Proceeds of approximately $2.8M (1,115 ETH) are realized via DEX swaps. StablR immediately suspends minting and redemption.
CoinDesk, The Block, StablR official disclosure24 May 2026
Blockaid issues a community alert identifying the ongoing exploit. GoPlus Security independently confirms the attack as a key-management failure, not a smart contract vulnerability.
Blockaid on X25 May 2026
StablR publishes its initial public cybersecurity incident disclosure, confirms MiCA reserve backing shortfall, notifies MFSA under DORA, and requests all exchanges suspend trading and withdrawals of EURR and USDR.
StablR official29 May 2026
StablR formally activates its Recovery Plan under EBA Guidelines and provides notification to the MFSA.
StablR official5 June 2026
StablR issues further update confirming ongoing suspension of minting and redemption and continued forensic investigation.
StablR official15 June 2026
StablR three-week status report confirms incident is contained with no further unauthorized minting since May 24; minting and redemption remain suspended as a precautionary measure.
StablR official24 June 2026
StablR issues notification update maintaining suspension status with no material changes.
StablR official8 July 2026
StablR issues its most recent public update (as of July 22, 2026), reporting 'no material changes' to its prior disclosures; minting and redemption remain suspended.
EFRI citing StablR official22 July 2026
EFRI publishes analysis identifying gaps in public MFSA oversight and critical undisclosed information from StablR, including root cause, number of unauthorized tokens, reserve deficit size, and redemption timeline.
EFRIDecision Log
- hash: 3xkzMmrnHydMRXmTMhhe2Ud5fwWW1GipFocFL1LpvxwU
- hash: 4mybwfUNUdmBeajawoJNzYPZHdorcn555SGjG4qH7LMv
- hash: 9N6ZPQTXV2nNu6HzwJyq2rbiDQCCnHq9bMtkoEBxcRHZ
This investigation is cryptographically anchored to the Solana blockchain (3 events). 18 of 20 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/12/2026, 12:05:54 PM
last updated: 8/25/2026, 6:03:43 PM
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