Echo Protocol confirms being under attack, suspends all cross-chain transactions

BlockBeats News, May 19th, Echo Protocol announced that they are investigating a security incident affecting the Echo cross-chain bridge on Monad. During the investigation, all cross-chain transactions remain suspended.

Previous reports indicated that, according to PeckShield monitoring, Echo Protocol was targeted in an attack on Monad. The attacker minted 1,000 eBTC (approximately $76.7 million) and used a previously tested process to deposit 45 eBTC (approximately $3.45 million) into Curvance. Subsequently, this was used as collateral to borrow around 11.29 WBTC (approximately $867,700), which was then bridged to Ethereum and exchanged for ETH, ultimately transferring 384 ETH (approximately $821,700) to Tornado Cash. SlowMist founder Cao Yin stated that Echo Protocol may have been compromised due to the Admin key being leaked.