Echo Protocol on Monad Suspected in $76.7 Million Hack
Summary
- Echo Protocol was hit by a hack that involved the unauthorized minting of about 1,000 eBTC and the theft of funds, with losses estimated at about $76.7 million.
- The attacker used the same exploit method used in the theft of Curvance funds, depositing about 45 eBTC as collateral, borrowing 11.29 WBTC and swapping it for Ether.
- The hacker has so far moved about 385 ETH to Tornado Cash and still appears to hold a substantial amount of eBTC, leaving further risk.
Forecast Trend Report by Period
Echo Protocol, a decentralized finance project built on Monad, is suspected of having been hacked.
On May 18, Onchain Lens, citing DeFi analyst dcfgod, reported that a hacker had illicitly minted about 1,000 eBTC on Echo Protocol and was using the tokens to siphon off funds. The losses are estimated at about $76.7 million.
The attacker is believed to have used an exploit previously tested in the theft of funds from Curvance, a multichain DeFi protocol.
So far, the hacker has deposited about 45 eBTC, worth roughly $3.45 million, as collateral and borrowed about 11.29 WBTC, worth about $867,700. The WBTC was then bridged to the Ethereum network and swapped for Ether. The attacker has also moved about 385 ETH, worth roughly $818,000, to Tornado Cash.
Onchain Lens said the hacker still appears to hold a substantial amount of eBTC.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
