MiCA Compliant Euro Stablecoin Depegs to $0.85 After 1-of-3 Multisig Exploit Drains Millions

Key Takeaways:

StablR’s EURR dropped to $0.85, and USDR fell between $0.40 to $0.64 on May 24 after attackers minted unbacked tokens.A 1-of-3 multisig threshold reportedly let attackers hijack minting controls, draining roughly $2.8M in ETH.Onchain observers flagged StablR’s alleged weak multisig setup as a governance risk that MiCA regulation did not prevent.