The Latest Stablecoin Hack Is a Reminder That ‘Digital Dollars’ Can Still Break
StablR, a European stablecoin issuer, experienced a security breach that resulted in the creation of $13.5 million in unbacked stablecoins. The attacker managed to steal approximately $2.8 million by exploiting a vulnerability in the minting multisignature wallet. In response, StablR has frozen its tokens and suspended trading to mitigate the fallout from the incident.
- ▪The breach occurred on the Ethereum network through StablR's minting multisignature wallet.
- ▪The attacker compromised a private key and minted roughly 8.35 million USDR and 4.5 million EURR stablecoins.
- ▪StablR has frozen both tokens and suspended minting and redemptions following the attack.
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European stablecoin issuer StablR faced a security incident over the weekend that led to the creation of $13.5 million in unbacked stablecoins, though the attackers were only able to get away with around $2.8 million in net proceeds from the hack. cnx.cmd.push(function(){cnx({"playerId":"92b7b46b-43ed-4e0e-b21b-2c999302d9d7","settings":{"advertising":{"macros":{"AD_UNIT":"/23178111854/od.gizmodo.com/article","CHILD_UNIT":"article","POST_ID":"2000763481","POST_TYPE":"post","CHANNEL":"tech","SECTION":"cryptocurrencies","SUBSECTION":"","CATEGORIES":"cryptocurrencies","TAGS":"cryptocurrencies,cybersecurity,stablecoin","NOP":"0"},"timeBeforeFirstAd":0}}}).render("cnx-player-main")}); The breach took place on the Ethereum network through StablR’s minting multisignature wallet.
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