StablR's EURR, the seventh-largest euro stablecoin by market capitalization, lost its peg after a suspected exploit hit the European stablecoin issuer's token controls.
Data from CoinGecko shows StablR Euro dropped by over 22%, trading at about €0.77 on as of May 24 morning.
Blockchain investigator ZachXBT first flagged in a Telegram post that two contracts tied to StablR appeared to have been potentially exploited for about $10 million across EURR and USDR, StablR's dollar-pegged stablecoin, which also depegged by over 30%, per CoinGecko data.
The investigator later said he had helped freeze a six-figure amount, while the attack was still ongoing hours after the first alert.
Blockaid, a blockchain security firm, said in an X post that about $2.8 million had been extracted, adding that the issue appeared to be a private key and governance failure.
Blockaid
The analysts added that the attacker minted millions of new tokens with owner rights. The attacker later swapped about $10.4 million worth of newly minted tokens on decentralized crypto exchanges, but received only around $2.8 million worth of ETH due to thin liquidity.
Although it's still unclear how exactly the attacker carried out the hack, StablR said in an X post it had "identified an exploit affecting StablR" and was working to contain it and minimize the impact.
- Founded in 2023 by Gijs op de Weegh, StablR is a stablecoin issuer focused on euro and dollar tokens.
- The company raised a €3.3 million seed round in 2024 from investors including Deribit, Maven 11, Theta Capital, Folkvang and Blocktech, before later receiving strategic investments from Tether in December 2024 and Kraken in July 2025.