StablR, a European stablecoin issuer backed by Tether, suffered an exploit on Saturday that drained funds from its minting contract and sent both its euro and dollar-pegged tokens sharply below their pegs.

According to blockchain sleuth ZachXBT, two contracts related to StablR may have been exploited in an attack worth more than $3 million.

A private key exploit let an attacker mint $10 million in StablR tokens and dump them for ETH, depegging EURR and USDR.