Key Takeaways

• Security firm Blockaid identified an active exploit targeting StablR, resulting in approximately $2.8 million in losses
• An attacker exploited a vulnerable 1-of-3 multisig setup by compromising a single private key to mint 8.35M USDR and 4.5M EURR
• EURR lost its peg, plummeting 23% from $1.15 to $0.88, while USDR fell 30% to $0.70
• Despite minting tokens valued at $10.4 million, limited liquidity on decentralized exchanges netted the hacker only 1,115 ETH
• Over a dozen significant DeFi security incidents have occurred in May 2025, affecting platforms like THORChain, Verus Bridge, Echo Protocol, and Polymarket

StablR, a regulated stablecoin issuer, fell victim to a major security breach on Sunday, with hackers draining approximately $2.8 million from the platform. The exploit was first identified by blockchain security company Blockaid using its real-time threat detection system.

The root cause appears to be a compromised private key within StablR’s minting multisignature wallet. The wallet’s configuration featured an inadequate 1-of-3 threshold setup, requiring just a single key to authorize transactions.

Leveraging this vulnerability, the hacker added their own address as an authorized owner while simultaneously removing legitimate owners. This access allowed them to illegally mint 8.35 million USDR and 4.5 million EURR tokens.

Blockaid didn’t mince words when describing the incident. “This is not a smart contract bug — it’s a key management and governance failure,” the security firm stated.

Dramatic Depeg Events Hit Both Stablecoins

The unauthorized token creation triggered severe depegging across both of StablR’s stablecoin offerings. EURR, the platform’s euro-denominated stablecoin with a $14 million market capitalization, experienced a dramatic 23% drop from its $1.15 peg down to $0.88.

Meanwhile, USDR, StablR’s dollar-pegged token boasting an $11 million market cap, crashed 30% to $0.70. As of press time, neither stablecoin had recovered its intended peg.

The attacker proceeded to liquidate the freshly minted tokens through decentralized exchange platforms. However, shallow liquidity pools significantly impacted the actual value extracted—the tokens, nominally worth approximately $10.4 million, converted to merely 1,115 ETH, equivalent to roughly $2.8 million.

Blockchain investigator ZachXBT estimated the total exploit amount at around $10 million. The attack remained active when initial reports surfaced Sunday morning.

As of this writing, StablR has not released any official statement or update via its X account.

May 2025: A Challenging Month for DeFi Security

May has proven particularly troublesome for cryptocurrency security. Data from DeFiLlama shows over a dozen significant exploits have occurred throughout the month.

Additional platforms compromised in May include THORChain, Verus Bridge, Echo Protocol, and Polymarket. A common thread among many incidents involves compromised private or administrative keys rather than vulnerabilities in smart contract code.

Volo Vault, Wasabi Perps, Echo Bridge, and Polymarket have all experienced comparable key-based security breaches within the last sixty days.

On May 21, Map Protocol, a Bitcoin cross-chain bridge solution, suffered its own exploit through an actual smart contract vulnerability. In that case, the attacker managed to mint one quadrillion MAPO tokens, triggering a catastrophic 96% price collapse.

StablR specializes in issuing regulated stablecoins with reserves maintained in segregated accounts at established financial institutions. Notably, Tether, the world’s dominant stablecoin provider, made an investment in StablR during December 2024.

At publication time, StablR has yet to release an official response regarding the security breach.

Key Highlights

• Tom Lee’s Bitmine purchased 60,000 ETH valued at $126 million within a 24-hour period, bringing total holdings to over 5.33 million ETH.
• Ethereum is currently trading near $2,044, facing challenges maintaining support above the $2,000 threshold following the SEC’s postponement on tokenized stock decisions.
• Market analyst Ted identified significant liquidity concentrations between $2,400–$2,600 above current prices and $1,700–$1,900 below.
• Questions surrounding Ethereum Foundation governance are generating uncertainty, although experts emphasize that development remains active across numerous independent teams.
• FTSE Russell’s preliminary index adjustments position Bitmine for potential Russell 1000 entry.

Ethereum is currently changing hands at approximately $2,044 based on recent market data, hovering beneath the crucial $2,000 psychological threshold after experiencing challenging conditions across digital asset markets. The downward movement comes in the wake of the SEC’s decision to postpone its ruling on tokenized securities, dampening a significant bullish narrative that market participants had been monitoring.

However, institutional accumulation patterns remain robust. Tom Lee’s Bitmine executed a substantial purchase of 60,000 ETH — approximately $126 million — within just 24 hours, as reported by blockchain analytics service Onchain Lens. The company’s total position now exceeds 5.33 million ETH, accounting for more than 4.3% of Ethereum’s circulating supply.

This latest acquisition follows Bitmine’s $154 million ETH purchase earlier in the week. Lee has characterized the recent price decline below $2,200 as an “attractive opportunity” for accumulation. The firm is actively staking more than 4.7 million ETH from its holdings, generating approximately $289 million in annualized staking rewards.

Critical Liquidity Zones Identified by Market Analysts

Blockchain analyst Ted has outlined significant liquidity concentrations surrounding ETH’s present trading range. Ted’s analysis reveals short-position liquidity accumulating at the $2,400 and $2,600 resistance levels. Conversely, long-position liquidity is concentrated at $1,700 and $1,900 support zones. These liquidity pockets typically serve as price magnets, and Ted has posed the question to the trading community about which direction ETH will gravitate toward first.

Another market observer, Celal Kucuker, characterized ETH as “coiled like a spring,” suggesting a possible explosive move if the price maintains support above a critical technical level while building short-term buying momentum.

Governance Concerns and Market Sentiment Challenges

An additional headwind affecting ETH stems from increasing scrutiny directed at the Ethereum Foundation. Analyst Papaxem acknowledged that legitimate concerns exist regarding the Foundation’s operational management. The situation gained additional attention when Bankless, a prominent Ethereum-focused media outlet, revealed it had liquidated its ETH position in favor of Zcash.

Papaxem emphasizes that a crucial factor being overlooked is that Ethereum operates independently of sole Foundation control. Organizations such as ConsenSys and numerous autonomous development teams maintain active building efforts on the network, irrespective of Foundation leadership challenges.

Analyst Rios commented on X that ETH’s approximately 19% correction might represent a healthy cycle reset — eliminating overleveraged positions — rather than indicating fundamental deterioration. Rios suggested that if price action stabilizes around current levels, the subsequent recovery phase could demonstrate greater strength than anticipated.

Bitmine appears positioned for Russell 1000 index inclusion following FTSE Russell’s publication of preliminary modifications. Tom Lee observed that BMNR stock’s market capitalization surpasses the $5.7 billion threshold required for large-cap classification, potentially triggering additional passive fund inflows.

Ethereum is presently valued at approximately $2,044, per TradingView data.

TLDR

• BTC touched a five-week bottom at $74,250 during Saturday trading before rebounding
• President Trump revealed an Iran peace agreement has been “largely negotiated”
• Agreement includes plans to reopen the Strait of Hormuz, easing pressure on risk assets
• Digital asset markets regained approximately $75 billion in aggregate valuation following the announcement
• Despite recovery, BTC trades 39% below its October all-time high and maintains downward trajectory

Bitcoin experienced a significant decline on Saturday, plunging to a five-week bottom of $74,250 on Coinbase before staging a recovery following major geopolitical developments announced by President Donald Trump.

The President revealed via his Truth Social account that a peace agreement with Iran had reached the “largely negotiated” stage. This diplomatic breakthrough involves the United States, Iran, and multiple Middle Eastern nations including Saudi Arabia, the UAE, Qatar, Pakistan, Turkey, Egypt, Jordan, and Bahrain.

[[EMBED_0]]

A key component of the announced agreement is the reopening of the Strait of Hormuz, according to Trump’s statement. The critical waterway has remained closed since hostilities erupted in late February, creating upward pressure on worldwide energy markets and dampening sentiment toward risk-sensitive assets including cryptocurrencies.

“Final aspects and details of the deal are currently being discussed and will be announced shortly. In addition to many other elements of the agreement, the Strait of Hormuz will be opened,” Trump stated.

Digital currency markets reacted swiftly to the development. The total cryptocurrency market capitalization bounced back by approximately $75 billion in the wake of the announcement.

Bitcoin recovered from its $74,250 nadir to reach the 50-day exponential moving average near $77,000 during early Sunday sessions. As of this writing, BTC was trading around the $76,800 level.

ETF Outflows Signaled Trouble Before Weekend Selloff

Cryptocurrency market analyst Daan Crypto Trades identified a notable warning sign in the days leading up to the weekend downturn. In a post on X, he highlighted that Bitcoin registered over $1 billion in spot ETF outflows throughout the week — yet prices remained relatively stable until the Friday-Saturday timeframe.

[[EMBED_1]]

“Generally when flows go in one direction but price doesn’t follow, that’s a decent indication to start paying attention,” he observed. He noted he would prefer “some confirmation or sign of strength first as we’re obviously still in a larger down trend.”

This disconnect between heavy outflows and price resilience may have served as an early warning indicator of the impending decline.

Current Market Position for BTC

Notwithstanding the rebound, Bitcoin continues to trade within a downward trend pattern. The leading cryptocurrency has been unable to overcome resistance at the $82,000 level and trades 39% beneath its October record high.

US Secretary of State Marco Rubio, during a diplomatic visit to India on Saturday, emphasized the conditions underlying the agreement. “Iran can never have a nuclear weapon. The straits need to be open without tolls. They need to turn over their enriched uranium,” he stated.

Crude oil markets responded to the de-escalation developments with declining prices. WTI crude retreated to $96 while Brent Crude dropped to $103, although both benchmarks remain approximately 55% elevated compared to pre-conflict pricing.

The monthly BTC candle currently shows a negative close with seven days remaining in the period.

Key Takeaways

• Bitcoin (BTC) retreated approximately 3% to $75,398 amid over $400 million in position liquidations, yet maintains its position as the leading institutional cryptocurrency
• Ethereum (ETH) continues to underperform relative to Bitcoin, despite maintaining dominance in DeFi infrastructure and smart contract execution
• Solana (SOL) spot ETF products attracted more than $103 million in capital during May, contrasting sharply with outflows from Bitcoin and Ethereum ETFs
• Hyperliquid (HYPE) has emerged as a top-performing crypto asset in 2026, fueled by robust decentralized perpetual futures trading volume
• NEAR Protocol maintains relevance through its connection to the AI-blockchain convergence narrative as interest in artificial intelligence tokens resurges

Bitcoin (BTC)

Bitcoin continues to serve as the primary anchor for investors navigating turbulent market conditions.

The latest correction proved substantial. Bitcoin declined roughly 3% over a 24-hour period, settling near $75,398, while triggering more than $400 million in liquidations across the cryptocurrency markets. This magnitude of forced selling indicates that market sentiment remains vulnerable and easily shaken.

Exchange-traded fund activity provides additional context. Following a relatively robust April, Bitcoin ETF demand weakened considerably in May, marked by multiple significant outflow events. Spot ETF movements have become among the most reliable indicators of institutional interest, making sustained outflows a meaningful headwind for price appreciation.

Despite these challenges, Bitcoin maintains its position as the most liquid and widely adopted cryptocurrency asset. Its institutional footprint exceeds all competitors, and its store-of-value thesis remains the strongest narrative in digital asset markets.

Ethereum (ETH)

Ethereum has delivered disappointing performance relative to Bitcoin lately, leaving investor sentiment divided.

Price momentum has been notably weak. ETH has failed to capitalize even as accumulation theories have gained traction, lacking the upward momentum necessary to restore market confidence.

The fundamental thesis remains intact. Ethereum continues to power the majority of smart contract infrastructure across the cryptocurrency ecosystem — including DeFi protocols, stablecoin systems, tokenized real-world assets, and decentralized lending platforms.

The primary obstacle is intensifying competition. Solana, various Layer-2 scaling solutions, and emerging blockchain platforms are aggressively competing for developer talent and user adoption. Ethereum requires stronger demand signals and improved price performance to reclaim its dominant market position.

Solana (SOL)

Solana has distinguished itself as the exceptional performer among major altcoins in today’s market environment.

Its spot ETF products accumulated over $103 million in inflows through May 19, even as Bitcoin and Ethereum ETF offerings experienced net outflows. This represents tangible evidence that investor appetite for Solana exposure remains resilient.

Solana offers rapid transaction processing, minimal fees, and vibrant retail engagement. The network supports meme token trading, DeFi applications, consumer-focused products, and payment infrastructure experiments — providing one of the most diverse growth stories among large-capitalization cryptocurrencies.

The primary concern is elevated volatility. Solana typically experiences more dramatic price swings than Bitcoin or Ethereum in both upward and downward movements. A broader market downturn could impact SOL disproportionately compared to more established assets.

Hyperliquid (HYPE)

Hyperliquid has become one of the most frequently discussed names in the mid-cap cryptocurrency segment this year.

The platform operates a decentralized perpetual futures exchange. This structure creates a more direct connection between token value and actual platform usage, differentiating it from numerous speculative altcoins where token utility remains questionable.

Hyperliquid has ranked among the strongest-performing larger cryptocurrency assets throughout 2026, underpinned by substantial trading volumes. Analyst Michaël van de Poppe suggested HYPE could potentially reach $100 or higher should overall cryptocurrency market conditions strengthen.

The caveat is that it remains a relatively nascent and volatile asset. Should derivatives trading activity decelerate or if traders rotate capital away from high-beta altcoins, HYPE could experience rapid price declines.

NEAR Protocol

NEAR represents the other mid-cap cryptocurrency currently attracting significant market attention.

It maintains strong associations with the artificial intelligence and blockchain convergence narrative, which has experienced renewed momentum recently. CoinDesk highlighted that AI-focused tokens were prominent in recent altcoin rally discussions, with NEAR featured alongside Hyperliquid as assets traders are actively monitoring.

NEAR possesses a mature ecosystem and a sustained commitment to scalable application development and user experience optimization. This foundation provides considerably more substance than many tokens that merely adopt AI branding without genuine utility.

The challenge is that AI-related cryptocurrencies can quickly become speculation-driven. The sustainable case for NEAR hinges on legitimate AI and consumer applications successfully attracting meaningful user adoption to blockchain infrastructure.

As of mid-May, Solana ETF capital inflows and Hyperliquid’s platform expansion represent two of the more substantive data points in an otherwise inconsistent market landscape.

Key Points

• A Wall Street Journal investigation alleges that $850 million in cryptocurrency transactions connected to networks associated with Iran’s Islamic Revolutionary Guard Corps passed through Binance over a two-year period.
• Babak Zanjani, an Iranian businessman, allegedly operated a payment network via his company Zedcex through one Binance account that continued operating despite receiving more than a dozen compliance warnings.
• Internal compliance teams at Binance reportedly flagged Iranian access and recommended account closures, but the accounts allegedly remained operational for over 15 months.
• According to reports, Iran’s central bank transferred $107 million into Binance accounts in 2025, while a foreign law enforcement entity identified $260 million in transactions directly connected to sanctioned Iranian organizations.
• Richard Teng, Binance’s CEO, has rejected these allegations as “fundamentally inaccurate,” with the exchange pursuing a defamation case against the Journal.

The world’s leading cryptocurrency exchange, Binance, finds itself facing renewed allegations following a Wall Street Journal investigation that claims the platform processed $850 million in transactions connected to a sanctioned Iranian financier across a two-year timeframe.

The investigation pointed to Babak Zanjani, who was re-sanctioned by United States authorities in January, as running a cryptocurrency payment operation through Binance user accounts. The Journal reported that Zanjani’s company, Zedcex, operated alongside accounts registered to his sister, a romantic partner, and a company executive, all accessed via identical devices — a red flag that Binance’s internal compliance team identified as potential sanctions circumvention.

Compliance Warnings Allegedly Went Unheeded

Binance’s internal monitoring systems identified that the Zedcex account was being accessed from Tehran in late 2024. Despite generating over a dozen internal compliance alerts, the account allegedly continued to function for more than 15 months. Internal investigators reportedly pushed for the accounts to be terminated and for authorities to be notified, yet according to the Journal’s reporting, those recommendations were not implemented.

The allegations extend beyond the Zanjani-connected network. The Journal’s investigation claims that Iran’s central bank deposited $107 million in cryptocurrency into Binance accounts during 2025. Additionally, a foreign law enforcement agency reportedly traced approximately $260 million in transactions flowing directly between Binance accounts and Iranian entities throughout 2024 and 2025.

In 2023, Binance admitted guilt to violations of anti-money laundering regulations and sanctions protocols, resulting in a historic $4.3 billion penalty. The exchange committed to comprehensive compliance reforms as part of that settlement. Nevertheless, the Journal maintains that the purported Iranian-linked transactions recommenced soon afterward.

Exchange Leadership Disputes the Claims

Binance CEO Richard Teng has forcefully challenged the allegations through a statement on X, characterizing the Journal’s reporting as “fundamentally inaccurate.” He maintained that Binance has never authorized transactions involving sanctioned parties, and that any suspicious activity identified occurred prior to those individuals being designated under US sanctions.

Teng further stated that Binance had already conducted internal investigations into these matters before the Journal reached out, and that critical facts provided by the exchange were omitted from the published story. “Binance has zero-tolerance for illicit activity,” Teng declared.

The exchange has initiated defamation proceedings against the Wall Street Journal, requesting monetary damages and a jury trial. Binance informed Cointelegraph that it maintains ongoing cooperation with regulatory bodies and law enforcement agencies, while denying awareness of a Department of Justice probe that was reported separately in March.

In February, the Journal had previously claimed that Binance terminated an internal investigation into approximately $1 billion that allegedly reached networks connected to Iranian proxy organizations. Binance disputed those claims as well, asserting that its internal investigation remained active.

The US Department of the Treasury has cautioned financial institutions about potential repercussions for enabling transfers on behalf of Iran, and has seized $344 million in Iranian-controlled cryptocurrency through its “Economic Fury” initiative.

Treasury representatives also convened with Binance leadership in March to address compliance issues related to the 2023 plea agreement, including transactions involving Iranian entities, according to individuals with knowledge of the discussions.

Key Takeaways

• SOL currently trades around $82, representing approximately a 70% decline from its peak near $295
• Critical near-term resistance level positioned at $95 — closing above this on the weekly chart could trigger relief rally
• Current support zone exists between $78–$83; breaking below may lead to testing the $60 level
• The 50-week EMA positioned near $124 serves as significant overhead resistance for any major recovery attempt
• Trading volume increased 10% to reach $3.89 billion despite downward price movement, indicating substantial selling activity

Solana finds itself in a challenging position at present. The cryptocurrency has been hovering around $82 on daily timeframes and $86 on weekly charts, positioned well beneath the marked support area near $95 that market participants have been monitoring closely.

The decline from its previous peak near $295 has been substantial — approximately 70% — and market psychology reflects this downturn. Cryptocurrency analyst Whale Watch expressed it succinctly on social media: “Everyone loved SOL at $295. Nobody wants it at $86.” This observation encapsulates the prevailing sentiment effectively. It highlights diminished demand during a significant correction, a phenomenon commonly observed in deep retracements where retail participation evaporates exactly when valuations are most attractive.

Purchasers have maintained the $78–$83 area for the time being, though momentum remains weak. A weekly candle closing beneath $83 would undermine the existing technical formation.

Technical Indicators and Chart Patterns

Experts at Elliott Wave Academy suggest SOL might be developing a near-term corrective bounce. Their technical assessment identifies a potential advance toward the 50%–61.8% Fibonacci retracement of the recent decline, with possibilities to extend toward the 78.6% level should buying pressure intensify. However, they emphasize that price behavior near those thresholds will be crucial in determining subsequent movements.

Analysts from MCO Global DE characterize recent price action as primarily “noise,” without a definitive breakout in either direction. They identify immediate support at $81.28, alongside a more robust support band spanning $71.92 to $77.96. These zones have absorbed considerable selling pressure throughout recent downward moves. The firm additionally cautions that another near-term decline remains possible before any significant recovery effort materializes.

For any meaningful recovery to take hold, SOL must first overcome $95. Following that breakthrough, focus would transition to the 50-week EMA near $124, which has functioned as solid resistance since SOL fell below it earlier in the year. A sustained close above $124 would create opportunities toward $175 and potentially $200.

Volume Trends Suggest Increased Selling Pressure

CoinMarketCap information reveals SOL trading at $82.21, declining 5.83% over the previous 24-hour period. The market capitalization stands at $47.51 billion. Daily trading volume climbed 10.04% to reach $3.89 billion.

The increase in volume concurrent with price deterioration deserves attention. This pattern generally signals active selling pressure rather than passive consolidation. Resistance exists within the $90–$95 range on near-term charts.

The crucial technical obstacle at $96 remains intact. Until purchasers can reclaim that threshold decisively, the market structure is anticipated to remain neutral.

Analysts further identify $110 as an extended-term resistance area that may determine whether Solana initiates a genuine trend reversal or continues range-bound trading.

SOL currently changes hands near $82.21, with support established at $80 and resistance spanning $90 to $95.

A live exploit targeting StablR’s issuer has driven its Euro and USD-pegged stablecoins away from parity, with roughly $2.8 million extracted so far, according to blockchain security firm Blockaid.

Blockaid said the incident appears to stem from a compromised private key within a 1-of-3 minting multisignature account. The attacker added themselves, replaced the other owners, and minted 8.35 million USDR and 4.5 million EURR, triggering the depeg.

“This is not a smart contract bug — it’s a key management and governance failure,” Blockaid said.

The attacker swapped the minted tokens for around 1,115 ETH (about $2.8 million) on decentralized exchanges, a move constrained by thin liquidity in the market for these assets.

Blockaid’s assessment underscores a governance weakness rather than a flaw in the token contracts themselves.

May has seen a string of crypto and DeFi exploits, with DeFiLlama tallying more than a dozen major incidents this month. Notable cases include THORChain, Verus Bridge, Echo Protocol and Polymarket.

StablR depeg details and price signals

EURR, StablR’s euro-denominated stablecoin with a market capitalization around $14 million, has lost about 23% of its value, trading around $0.88, according to CoinGecko. USDR, a dollar-pegged stablecoin with roughly $11 million in market cap, has slumped about 30% to around $0.70 in the ongoing incident.

StablR emphasizes that its euro and USD stablecoins are regulated, collateralized assets with reserves held in segregated accounts at top-tier institutions, and they are available on Ethereum and Solana. Tether invested in StablR in December 2024, signaling institutional interest in Europe-focused stablecoins. There have been no updates on StablR’s X feed at press time.

PeckShield flagged the EURR depeg in its alerts, underscoring the ongoing price dislocations in these assets.

Broader DeFi risk landscape this May

As this incident unfolds, the wider DeFi space continues to grapple with security challenges tied to private-key and governance weaknesses. In the past two months, Volo Vault, Wasabi Perps, Echo Protocol and Polymarket have all suffered exploits tied to private or admin-key access. Separately, Map Protocol, a cross-chain bridge linked to Bitcoin-anchored assets, experienced a smart-contract bug on May 21 that minted a quadrillion MAPO tokens, highlighting how fast-moving cross-chain projects remain vulnerable to unexpected token minting events.

What this means for investors and builders

For investors and users, the StablR incident serves as a reminder that peg stability in regulated, collateralized stablecoins hinges not just on the token contracts but on governance and key-management practices. A weak multisignature threshold — such as 1-of-3 — can leave an issuer exposed to takeover if even a single owner is compromised. The episode also tests the resilience of reserve-backed models when liquidity is thin, complicating recovery efforts after a depeg.

From a market-structure perspective, the event underscores the importance of clear proof-of-reserves, robust custody for private keys, and rigorous governance reviews, particularly for issuers with institutional backers—such as Tether’s stake in StablR. It also raises questions about the pace and transparency of post-incident recoveries, and how on-chain data will reflect liquidity recovery and peg restoration.

Looking ahead, readers should monitor StablR’s communications and any forthcoming audits or contingency plans, as well as how regulators respond to stablecoin governance incidents and asset-liability disclosures. The next few weeks will be telling for the credibility of regulated collateralized stablecoins amid a broad pattern of DeFi breaches this year.

Readers should watch for StablR’s official updates and any audits or contingency measures, as peg stability and governance resilience remain under close scrutiny in a rapidly evolving DeFi environment.

An ongoing exploit is impacting StablR, resulting in the depeg of its Euro and USD stablecoins, while a compromised private key has been blamed, adding to a lengthening list of hacks and exploits this month.

Blockchain security firm Blockaid reported on Sunday that its exploit detection system has identified an ongoing exploit on the StablR issuer, with around $2.8 million extracted so far.

The suspected cause is a private key compromise of one owner in the minting multisignature account, which used a weak 1-of-3 threshold, stated Blockaid. 

The attacker added themselves, replaced the other owners, and minted 8.35 million USDR and 4.5 million EURR, causing the stablecoins to depeg. 

The attacker then swapped the minted tokens worth around $10.4 million on decentralized exchanges for just 1,115 ETH or around $2.8 million due to thin liquidity. 

“This is not a smart contract bug — it’s a key management and governance failure,” said Blockaid. 

May has been a bad month for crypto and DeFi exploits with over a dozen major incidents so far, according to DeFiLlama. Some of the larger ones included THORChain, Verus Bridge, Echo Protocol and Polymarket. 

StablR euro and dollar stablecoins depeg 

StablR’s euro stablecoin, EURR, which has a $14 million market capitalization, lost 23% of its value, which depegged the asset from its $1.15 peg to $0.88 in EUR/USD markets, according to CoinGecko.

Meanwhile, StablR’s USDR dollar stablecoin, with an $11 million market capitalization, tanked 30% to $0.70 in the ongoing incident on Sunday morning.

Related: Map Protocol token plummets 96% after a quadrillion token mint exploit

StablR issues regulated collateralized stablecoins pegged to the Euro and USD, with reserves held in segregated accounts at top-tier institutions. They emphasize regulatory compliance, transparency via proof-of-reserves and availability on Ethereum and Solana.

The world’s largest stablecoin issuer, Tether, invested in StablR in December 2024. 

There were no updates on the StablR X feed at the time of writing. 

EURR depegs 23%. Source: Peckshield 

DeFi exploits continue to mount 

Compromised private keys are becoming a common attack vector, with several DeFi protocols being exploited as a result of poor management recently. 

Volo Vault, Wasabi Perps, Echo Bridge and Polymarket were all hit with private or admin key exploits over the past two months. 

Meanwhile, the Bitcoin cross-chain bridge Map Protocol was exploited by a smart contract bug on Wednesday, May 21, when an attacker minted a quadrillion MAPO tokens. 

Magazine: DeFi’s billion-dollar secret: The insiders responsible for hacks