Monad-Based Echo Protocol Suffers Suspected $76.7 Million Hack
Summary
- A hacker allegedly minted about 1,000 eBTC without authorization on Echo Protocol and siphoned off funds, with losses estimated at about $76.7 million.
- The attacker is believed to have stolen funds from multichain DeFi protocol Curvance using a previously tested exploit method.
- The hacker used eBTC as collateral, converted the proceeds into WBTC and ETH, then moved about 385 ETH to Tornado Cash, while still holding a substantial amount of eBTC.
Forecast Trend Report by Period
Echo Protocol, a Monad-based decentralized finance project, appears to have suffered a hack.
On May 18, Onchain Lens, citing DeFi analyst dcfgod, reported that a hacker had unauthorizedly minted about 1,000 eBTC on Echo Protocol and was using the tokens to drain funds. Losses are estimated at about $76.7 million.
The attacker is also believed to have used a previously tested exploit method that was used to steal 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.
