Two Stablecoins Have Been Hacked and Have Lost Their Pegs to the Dollar and the Euro

Cryptocurrency researcher ZachXBT has revealed that two smart contracts linked to the European-based stablecoin issuer StablR have potentially been compromised. According to ZachXBT, the attack could put approximately $10 million worth of EURR and USDR stablecoins at risk.

According to the shared information, the address used by the attacker received funding via CCTP transfers conducted over the Noble network. In an update following the incident, ZachXBT stated that they helped freeze an amount of approximately “six figures”.

On the other hand, it was stated that the attack continued even approximately 3 hours after it was announced, and ZachXBT suggested that the StablR team was “probably asleep” at the time, delaying the response.

Following these developments, both EURR and USDR stablecoins have significantly lost value against the dollar. It has been reported that both stablecoins have fallen in value by more than 20%, experiencing a serious dip.

While USDR appears to have regained its peg to the dollar at the time of writing, EURR has still largely lost its peg to the euro.

*This is not investment advice.