A multisig vulnerability allowed an attacker to mint approximately $13.5 million in unbacked StablR tokens, triggering severe depegs across the issuer's euro and dollar stablecoins. The attacker dumped roughly $10.4 million in face value onto decentralized exchanges, sending EURR down to $0.85 and USDR as low as $0.40 — a 60% collapse from its dollar peg. Multisig exploits occur when an attacker gains control of enough private keys to authorize unauthorized transactions, bypassing normal security thresholds. The incident raises fresh concerns about the security architecture underpinning smaller stablecoin issuers, particularly their reliance on multisignature wallet controls for minting authority. StablR had positioned itself as a regulated euro and dollar stablecoin provider, making the scale of the depeg especially damaging to user confidence.
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