Echo Protocol confirms it has been attacked and suspends all cross-chain transactions

Echo Protocol announced that it is investigating a security incident affecting the Echo cross-chain bridge on Monad. During the investigation, all cross-chain transactions remain suspended.

According to previous reports, market news indicated that Echo Protocol was hacked on Monad. The attacker minted 1,000 eBTC (approximately $76.7 million) and used a tested process to deposit 45 eBTC (approximately $34.5 million) into Curvance. Subsequently, they borrowed approximately 11.29 WBTC (approximately $867,700) using this as collateral, bridged the WBTC to Ethereum, exchanged it for ETH, and ultimately transferred 384 ETH (approximately $821,700) to Tornado Cash.

Yuxian, the founder of Slow Mist, stated that Echo Protocol may have been compromised due to the Admin single point private key being breached.