StablR Multisig Exploit and EURR/USDR Depeg (May 2026)
Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.
Summary
On 24 May 2026, an attacker compromised a private key belonging to one of three signers on StablR's minting multisignature wallet — reportedly secured by only a 1-of-3 threshold — and used it to mint roughly $13.5 million in unbacked EURR and USDR tokens, selling approximately $2.8 million worth into decentralized exchanges before the exploit was contained. Both euro-pegged EURR and dollar-pegged USDR lost their pegs, StablR suspended minting and redemption, and as of late August 2026 the tokens remained under-collateralized and redemption remained suspended, prompting renewed regulatory scrutiny of the Malta-licensed issuer. The incident also drew attention to pre-existing allegations, raised by the advocacy group EFRI and FinTelegram, concerning StablR management's past role at Dutch payment processor Payvision.
Connected Entities
1 entityNo connected entities recorded yet — this investigation is not currently linked to any other page in the index.
Timeline(8 events)
April 2024
Dutch prosecutors (Openbaar Ministerie) issued penalty orders (€150,000 and €180,000 fines) against two former Payvision directors for structural AML/CFT violations, according to Vixio.
VixioJuly 2025
Kraken reported to have made a strategic investment in StablR; EFRI separately urged MFSA to review StablR's EMI license around this period.
The Block / EFRIMay 2026
Attacker compromised a private key on StablR's 1-of-3 minting multisig, minted approximately $13.5 million in unbacked EURR and USDR, and sold roughly $10.4 million of face value on DEXs, netting an estimated $2.8 million. Blockchain investigator ZachXBT publicly flagged the activity; StablR later acknowledged the exploit and suspended minting and redemption.
StablR official disclosure / The Block26 May 2026
CoinDesk reported StablR had frozen USDR and EURR operations, requested exchanges halt trading, and notified the MFSA under DORA.
CoinDeskMay 2026
StablR's Board of Directors formally activated a recovery plan continuing the suspension of minting and redemption, with no timetable given for resumption.
StablR official noticeAugust 2026
EFRI submitted a renewed supervisory request concerning StablR to the MFSA, copied to the European Banking Authority; StablR subsequently disclosed that approximately 6.41 million EURR and 14.33 million USDR of unauthorized tokens remained in circulation, with minting and redemption still suspended.
EFRImodel: claude-code-investigator
generated: 9/23/2026, 11:18:20 PM
last updated: 9/24/2026, 9:50:37 AM
avoid.net — verified advice for a post-truth world