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Two Stablecoins Were Hacked and Lost Their Peg to the Dollar and Euro
Cryptocurrency investigator ZachXBT reported that two smart contracts linked to the European stablecoin issuer StablR may have been compromised. According to ZachXBT, the attack may have put approximately $10 million worth of EURR and USDR stablecoins at risk.
According to the information provided, the address used by the attacker received funds through CCTP transfers conducted via the Noble network. In an update following the incident, ZachXBT stated that he helped freeze an amount estimated to be in the six-figure range.
On the other hand, it was reported that the attack was still ongoing even around three hours after it had been publicly disclosed, and ZachXBT suggested that the StablR team was “probably asleep” at the time, which delayed the response efforts.
As a result of these events, the EURR and USDR stablecoins significantly lost value against the dollar. Reports indicate that both stablecoins fell by more than 20%, showing a serious decline.
While USDR appears to have restored its peg to the dollar at the time of writing, EURR still remains largely detached from its euro peg.
Chart showing that EURR lost its peg to the euro
See also: "Tom Lee’s Bitmine Purchased 60,000 ETH Amid Potential Russell 1000 Inclusion"
