# StablRStablecoinDepegsAfterExploit

On May 24, European regulated stablecoin issuer StablR suffered a multi-signature attack. The attacker compromised one signer's private key of the minting multisig account and exploited its weak 1-of-3 threshold, minting 8.35 million USDR and 4.5 million EURR before dumping them on DEXs. EURR fell to 0.85 US dollars, USDR fell to 0.64 US dollars, both depegging. The attacker netted approximately 2.8 million US dollars. Blockaid noted this was not a smart contract bug but a key management and governance failure. Tether is a strategic investor in StablR.