#stablr

[poobur79]

[poobur79]

Second only to Stabbing Day right now! 😄

[poobur79]

[rwatimes]

Crypto News Today: Bitcoin Volatility Down, Polygon Stablecoin, and Kelp DAO Reopens Functionality

Bitcoin volatility dropped to a nine-month low, Polygon stablecoin volume surged, StablR froze USDR and EURR, and Kelp DAO restored full rsETH functionality.

➤ Bitcoin's implied volatility has reached a nine-month low, coinciding with significant net outflows from US spot Bitcoin ETFs. ➤ Polygon's stablecoin volume has surged to $2.5 trillion, driven by major financial firms, while StablR has frozen USDR and EURR operations due to a cyberattack. ➤ Kelp DAO has completed its rsETH recovery plan, restoring full functionality, and the XRP Ledger is preparing for a significant upgrade.

[rwatimes]

StablR freezes USDR and EURR after attacker mints $13.5 million in unbacked tokens

The breach, linked to a 1-of-3 multisig wallet weakness, allowed attackers to compromise a key and mint $13.5 million in unbacked tokens, netting them $2.8 million.

➤ StablR has suspended its USDR and EURR stablecoin operations due to a cyberattack that resulted in the minting of $13.5 million in unbacked tokens. ➤ The attack exploited a weakness in a 1-of-3 multisig wallet, leading to the tokens becoming under-collateralized and failing to meet MiCA regulatory requirements. ➤ StablR is investigating the breach with external firms and law enforcement, and has notified Maltese financial regulators.

[rwatimes]

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.

[rwatimes]

2 stablecoins européens victimes d’un hack : MiCA n’a rien empêché

La plateforme StablR a fait face à une cyberattaque majeure, perturbant la parité de ses stablecoins, l'Euro StablR et le Dollar StablR.

➤ The StablR platform experienced a major cyberattack, leading to a loss of parity for its Euro StablR (EURR) and Dollar StablR (USDR) stablecoins. ➤ The attack exploited a vulnerability in the multisignature key management system, allowing for the unbacked issuance of millions of tokens. ➤ Despite operating under the EU's MiCA regulation and having a license from Malta, the incident highlights internal governance and operational security failures, impacting investor confidence.

[rwatimes]

Depeg des stablecoins EURR et USDR de StablR - Que s'est-il passé ?

L’émetteur des stablecoins EURR et USDR, StablR, a été ciblé par une attaque ayant entraîné la création de plus de 10 millions d'unités.

➤ StablR's EURR and USDR stablecoins experienced a depeg after an exploit allowed for the unauthorized minting of over $10 million worth of tokens. ➤ The attack was attributed to a failure in key management and governance, rather than a smart contract bug, leading to significant losses and loss of peg. ➤ The incident highlights regulatory concerns in Europe and provides ammunition for the ECB's stance against stablecoins, while also raising questions about operational security in the crypto space.