European stablecoin issuer StablR has frozen operations for its USDR and EURR tokens following a cyberattack that left the assets under-collateralized.
StablR suspended minting and redemption services after detecting irregularities in its systems. The breach involved a 1-of-3 multisig wallet, allowing attackers to mint $13.5 million in unbacked tokens and net $2.8 million. Onchain investigator ZachXBT flagged the issue, and the company is working with cybersecurity firms and law enforcement.
Users highlighted the multisig key compromise allowing minting of unbacked tokens and resulting depegs. Reactions focused on security failures rather than smart contract issues, with reminders about the importance of robust key management. Skepticism was expressed regarding MiCA compliance and overall protocol risks in stablecoins. Some posts noted the attacker's $2.8M profit and team response delays as concerning.
🚨 StablR stablecoins just imploded, depegging USDR by 30% after a $2.8M exploit exposed critical security flaws! pic.twitter.com/D3LHhExRC0
— Jay | Web3 Insights (@JayNam2878) 26 मई 2026
🚨 “MiCA-compliant” stablecoin issuer StablR just got exploited for $2.8M after hackers took over mint permissions and printed unbacked tokens.
— AlphaWire (@AlphaWireHQ) 26 मई 2026
No smart contract bug, just terrible key management. pic.twitter.com/8F1BdPwpEr
BREAKING 🚨: StablR's EURR and USDR depeg after attacker mints $13.5 million in unbacked tokens through multisig.
— Golden Bull 🐂 (@YourGoldenBull) 26 मई 2026
Security headlines are a reminder that protocol risk still matters, especially when liquidity is moving quickly across crypto.
On the dark side: StablR got completely cooked for $2.8M due to a private key compromise.
— Kkkurs🐐 (@Sa1ntDG) 26 मई 2026
Token depegged to zero.
Secure your infrastructure or become exit liquidity for hackers.
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Allbridge Core has paused its cross-chain stablecoin protocol after losing roughly 1.65 million dollars in a flash loan attack on its Solana liquidity pools. The attacker used a 1.12 million dollar flash loan from Kamino to manipulate pool ratios before withdrawing assets and bridging them to Ethereum.
Thorchain suspended trading for about 12 hours after blockchain researcher ZachXBT flagged a suspected $10 million exploit across multiple networks. The liquidity protocol took the action following the alert on a potential breach. Its native RUNE token fell by double digits in response.
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Crypto exchange HTX will remove the USD1 stablecoin from its platform and convert customer balances into USDT. The action follows a freeze of exchange wallets by World Liberty Financial. The move stems from compliance with UK sanctions targeting Russian financial networks.
Circle stock fell more than 17 percent on Tuesday following the unveiling of Open USD, a new stablecoin backed by over 140 companies including Stripe, Coinbase and BlackRock.
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Solana-based Drift Protocol has outlined a plan to repay users following a $295 million exploit linked to North Korean hackers. The lending platform proposes tokenized claims and a revenue-backed recovery pool to cover losses. Drift is working with law enforcement to trace and recover the stolen funds.
The Bank of England has replaced proposed limits on individual and corporate stablecoin holdings with a temporary £40 billion issuance guardrail per coin. The move also allows issuers to hold more reserves in government debt while preparing for a 2027 launch of regulated stablecoins.
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The T3 Financial Crime Unit has frozen over $450 million tied to suspected illicit crypto activity since its launch in 2024. The effort involves Tether, Tron, and TRM Labs in partnership with law enforcement agencies.