Echo Protocol Confirms Security Incident, Suspends Cross-Chain Transfers

Echo Protocol said it is investigating a security incident involving its Echo cross-chain bridge on Monad, and that all cross-chain transactions will remain suspended while the probe is ongoing, according to ChainCatcher. Earlier market reports claimed the protocol had been exploited on Monad. The attacker allegedly minted 1,000 eBTC (about $76.7 million) and, using a previously tested method, deposited 45 eBTC (about $34.5 million) into Curvance. The funds were then used as collateral to borrow roughly 11.29 WBTC (about $867,700), which was bridged to Ethereum and swapped for ETH. The attacker ultimately sent 384 ETH (about $821,700) to Tornado Cash. Yu Xian, founder of SlowMist, said the loss may have stemmed from the compromise of a single Echo Protocol admin private key.