Echo Protocol Investigates Security Incident on Monad Bridge, Suspends Cross-Chain Transfers
Suehyeon Lee
Summary
- Echo Protocol said it is investigating a security incident involving the Monad-based Echo Bridge.
- Echo Protocol said it has suspended all cross-chain transactions while the investigation is underway.
- Onchain Lens reported that about 1,000 eBTC were minted without authorization on Echo Protocol, with losses estimated at about $76.7 million.
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Echo Protocol, a decentralized finance project on Monad, said it is investigating a security incident involving its bridge.
In a post on X on May 18, the project said the incident occurred on the Monad-based Echo Bridge. All cross-chain transactions have been suspended while the investigation continues.
Echo Protocol added that it will provide updates through its official channels as more information becomes available.
Earlier, Onchain Lens, citing DeFi analyst dcfgod, reported that about 1,000 eBTC had been minted without authorization on Echo Protocol and that the tokens appeared to have been used to steal funds. The losses are currently estimated at about $76.7 million.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
