Cyber attackers may have siphoned off millions in digital currency from vulnerable StablR agreements.

A recent discovery by blockchain sleuth ZachXBT has uncovered a potential exploit affecting two contracts tied to StablR's stablecoin offerings, EURR and USDR, with the alarming news breaking on Saturday via his official communication channel. Preliminary findings suggest that the perpetrator's digital wallet was replenished using the Cross-Chain Transfer Protocol, or CCTP, on the Noble platform, resulting in estimated losses of over $10 million.

StablR, a Malta-based European stablecoin issuer, specializes in providing a transparent and compliant infrastructure for stablecoins, catering to the needs of merchants, financial institutions, and payment networks. The company's stablecoin portfolio includes EURR, which is pegged to the value of the euro, and USDR, which is tied to the US dollar. Having secured €3.3 million in seed funding in 2023, courtesy of prominent investors such as Deribit, Maven 11, Theta Capital, Folkvang, and Blocktech, StablR has been making waves in the stablecoin landscape. Furthermore, the company received a strategic investment from Tether in 2024, underscoring the latter's commitment to fostering the growth of regulated stablecoins in Europe. As this situation continues to unfold, further updates will be provided as more information becomes available.