Echo Protocol: Monad Deployment Admin Key Compromised, Around $816,000 in Assets Affected

BlockBeats News, May 19th, Echo Protocol announced that unauthorized activity was detected in the deployment of eBTC on Monad, resulting in abnormal minting and fund loss. Initial investigations indicate that the issue stemmed from a compromised administrator key associated with the Monad deployment, with approximately $816,000 in assets confirmed to be affected.

Echo stated that the Monad network itself was not compromised and is still operational. The team has regained control of the administrator key and burned the remaining 955 eBTC held by the attacker.

The project team further explained:

The current incident appears to be limited to the Monad deployment;

No evidence has been found to suggest that the Aptos side was affected;

aBTC on Aptos and eBTC on Monad are independent, non-bridgable assets;

The current risk exposure on Aptos is approximately $71,000.

As an additional security measure, Echo has temporarily halted the cross-chain functionality of the Monad deployment and has begun upgrading the relevant EVM bridge contracts and permission control mechanisms. Moreover, users are reminded not to engage with any unofficial claim, refund, or recovery pages.