May 25
Can MiCA Prevent Multisig Hacks? StablR's $10M Exploit Exposes the Gap
➤ A MiCA-compliant stablecoin issuer, StablR, lost $10.4 million due to a compromised private key in its 1-of-3 multisig, highlighting a critical gap in the EU's crypto regulation. ➤ The exploit was a key management and governance failure, not a smart contract bug, revealing that MiCA does not mandate specific technical standards for private key security or multisig configurations. ➤ This incident, following a pattern of operational and governance-related exploits, raises concerns about the effectiveness of current regulations in addressing the full risk surface of stablecoin issuance.