decrypt·
Echo Protocol said that a compromised admin key had enabled unauthorized eBTC minting on its Monad deployment.
Read full articleDeFi protocol Echo Protocol, which runs on the Monad blockchain, was compromised when an attacker minted around 1,000 eBTC without authorization. On Tuesday, the hacker created 1,000 synthetic Bitcoin (eBTC) with a value of around $76.7 million; both Lookonchain and analytics platform and blockchain security company PeckShield reported this. Echo Protocol said on Tuesday: “We
Echo Protocol is investigating a security incident involving its bridge on Monad after crypto on-chain analysts said an attacker minted 1,000 eBTC and used part of the position to extract WBTC liquidity through Curvance. The first public alarm came from on-chain analyst DCF GOD, who wrote that Echo “may be hacked on Monad.” He added: […]
Echo Admin key compromise enabled $76.7M unauthorized eBTC minting. The attacker used fake eBTC to borrow and bridge real crypto assets. ECHO token dropped sharply as panic selling hit the market fast. The ECHO token came under severe pressure after a major security breach tied to the Echo Protocol led to the unauthorized minting of […] The post ECHO token plunges after $76M admin key exploit hits protocol appeared first on CoinJournal.
Bitcoin-focused DeFi platform Echo Protocol has suffered an exploit after an attacker minted roughly 1,000 unauthorized eBTC tokens on the protocol’s Monad deployment. Blockchain security firm PeckShield and on-chain analytics platform Lookonchain reported on Tuesday that the attacker generated around…
Echo Protocol halted cross-chain transactions while investigators examined the massive exploit.
The hacker has already laundered nearly 5% of the loot through Tornado Cash and is still holding the remaining 955 eBTC.
An active exploit on the Verus-Ethereum Bridge has resulted in $11.58 million in losses, according to security firm Blockaid.
A coordinated exploit drained approximately $11.5 million from the Verus-Ethereum bridge on May 18, with security firm Blockaid linking the attacker’s wallet to Tornado Cash. Attacker Converts Loot to ETH and Tornado Cash Trail Emerges The Verus-Ethereum bridge was drained of approximately $11.5 million in a coordinated exploit, with analytics confirming that the attacker extracted […]
