ZachXBT says StablR-linked contracts hacked for more than $3 million, EURR & USDR crash by 20%

On-chain sleuth ZachXBT said two contracts tied to European stablecoin issuer StablR may have been drained in a live exploit worth about $10 million, with EURR and USDR both falling more than 20% below peg.

He posted the alert on Telegram and said the attacker wallet was first funded through CCTP on Noble, and the main address he named was 0xea480c23d7b29a515856aafe0dc86f7519965a04.

He also listed seven more addresses tied to the same incident: 0x09BE1A36c2d7f9909eb3D6F9184c6e46A12B0ACA, 0xD4677B5A8B1b97EA213Fdb876b0FcBAB3f9F6CD1, 0x6283558eB6948CA50A2bE942D98A41ca4d1Def40, 0xf1f70d7461356f32b97ddc2cd54a490d4363340e, 0x74b4621b82eb31c5fd9fbad5729bef1813e26dcf, 0x8aaa93d06bf8de94c282f66a16effe6d9d94d038, and 0x5D2184d84b82B67c1818Bbec8ce81E7Df14F6bAb.

Zach’s first post said, “Two contracts related to European stablecoin issuer StablR appear to have been potentially exploited for ~$10M (EURR & USDR).”

ZachXBT says he helped freeze six figures while the StablR attack kept running

About two hours later, ZachXBT posted another update, saying “I have helped freeze 6 figures,” then added that the StablR team seemed to be asleep while the attack was still active after three hours.

He noted that both EURR and USDR have dropped over 20% against their pegs. This is what matters most to traders. No matter how a stablecoin may market itself with its collateral, licenses, reserves, and technology, it is the breakdown of its peg that makes people turn to wallets.

USDR is the dollar-pegged stablecoin of StablR. It is an ERC-20 token on the Ethereum blockchain that allows using USDR as wallets, on exchanges, and in various DeFi protocols supporting Ethereum-based tokens. StablR claims that USDR is issued 1:1 based on the assets kept separately, including cash and short-term government bonds.

StablR Ltd. has a license issued by the Malta Financial Services Authority as a Financial Institution. According to the company, USDR is a MiCA-compliant Electronic Money Token operating in the European Union.

Thus, the idea was to make it accessible to users and corporations needing a regulated dollar-pegged token amid restrictions imposed on large stablecoins in the EU.

The main purpose of this token is to use it in payments, foreign exchange transactions, and on-chain treasury management.

It is supposed to work globally at any time without higher fees compared to the old payment system. Now that the exploit is made public, all the focus turns to the frozen funds, hacker wallets, and recovery of EURR and USDR pegs.

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