StablR suspends USDR and EURR business due to being attacked and overissued tokens

According to CoinDesk, European stablecoin issuer StablR suspended the minting and redemption of USDR and EURR due to hacking, and asked the exchange to stop trading and withdrawal of the two currencies. The attacker took advantage of the vulnerability of its Ethereum 1-of-3 multi-signature wallet, broke a single private key, added himself as an administrator and removed the original signer, thereby overissuing approximately 8.35 million USDRs and 4.5 million EURRs, priced at approximately US$13.5 million based on anchor, and actually cashed in approximately US$2.8 million. The incident resulted in the two stablecoins being under-collateralized and no longer meeting the 1:1 full reserve required by MiCA. The USDR recovered to approximately US$0.994 after being unanchored, while the EURR fell to approximately US$0.548. StablR stated that an investigation has been initiated and will be reported to regulatory and relevant authorities in Malta.