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StablR Gives Community Update On May Incident
StablR gives a fresh update on the stablecoin incident that happened a few weeks back, pausing minting and issuance.
Stablecoins continue to need security reviews (Axel Houmadi / Unsplash)
StablR has given an incident update.
The stablecoin issuer has released an official announcement about the incident that occurred a few weeks back.
The team had initiated a recovery plan and currently all stablecoin issuance and minting capabilities for both the EURR and USDR stablecoins are frozen, including regular trading activity on exchanges.
StablR maintains that the stablecoin reserves were held separate from company accounts and under the supervision of the MiCA framework.
Found out last month by Blockaid, the incident is a reminder for global issuers about staying on top of smart-contract reviews, operational security, and crisis communications management post-incident.
StablR is continuing to deal with the matter and looks to resolve it over the coming weeks, helping guide users that were affected.
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