Echo Protocol’s eBTC exploited for $77M in admin key compromise
The hacker has already laundered nearly 5% of the loot through Tornado Cash and is still holding the remaining 955 eBTC.
Decentralized finance protocol Echo Protocol was exploited after an attacker minted about 1,000 unauthorized eBTC on the protocol, which is deployed on the Monad blockchain.
Blockchain security firm PeckShield and analytics platform Lookonchain both reported the incident on Tuesday, noting that a hacker minted 1,000 synthetic Bitcoin (eBTC) worth around $76.7 million.
“We are currently investigating a security incident impacting the Echo bridge on Monad. All cross-chain transactions remain suspended while the investigation is underway,” Echo Protocol said on Tuesday.