Blockchain investigator ZachXBT recently flagged a potential compromise of two smart contracts tied to StablR, a European stablecoin issuer. The attack reportedly endangered roughly $10 million worth of EURR and USDR stablecoins. According to ZachXBT, the attacker’s address was funded through CCTP transfers on the Noble network. In a follow-up, ZachXBT said they helped freeze about a “six-figure” amount.
Attack Continued for Hours
The incident unfolded slowly, perhaps catching the StablR team off guard. ZachXBT noted that the attack continued roughly three hours after it was announced, and he suggested the team was “probably asleep,” which delayed the response. This gap likely let losses mount before anyone could step in.
Stablecoins Lost Ground Quickly
Both EURR and USDR dropped more than 20% against the dollar, a serious dip for assets meant to hold a stable peg. At the time of writing, USDR had mostly recovered its peg to the dollar. But EURR still struggled to regain its peg to the euro. The situation seems to be improving, but not fully resolved yet.
The hack shows how even stablecoins, which are supposed to be safe, can still face sudden shocks. For now, the market is watching how StablR handles the fallout and whether they can prevent similar issues down the line.
