Echo Protocol hacked, says admin key compromised, 1,000 eBTC minted
Echo Protocol, a DeFi platform on the Monad blockchain, just got hacked: around 1,000 eBTC tokens were minted out of thin air, totaling a massive $76.7 million (about ₹741 crore).
Blockchain analytics platform Lookonchain and security firm PeckShield reported the breach and observed the unauthorized minting, while Echo Protocol said someone got hold of an admin key, not from a bug in the code.
Echo Protocol burns 955 eBTC
After the hack, the attacker shifted 45 eBTC ($3.45 million) to Curvance, borrowed more Bitcoin using that deposited eBTC, and tried to hide some ETH through Tornado Cash.
Echo Protocol managed to burn most of the stolen tokens (955 eBTC), taking back control before things got worse.
Curvance says its system kept damage contained and paused the affected market while investigations continue, just another reminder that DeFi hacks are still making waves this week.