Huo Xing Finance reports that on May 19, Echo Protocol announced it is investigating a security incident affecting the Echo cross-chain bridge on Monad. All cross-chain transactions remain suspended during the investigation. Previously, PeckShield monitoring indicated that Echo Protocol on Monad was hacked. The attacker minted 1,000 eBTC (approximately $76.7 million) and, using a previously tested process, deposited 45 eBTC (approximately $3.45 million) into Curvance. The attacker then borrowed approximately 11.29 WBTC (about $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. Yu Xian, founder of SlowMist, stated that the theft may have occurred due to the compromise of a single admin private key in Echo Protocol.
Echo Protocol Confirms Attack, Halts All Cross-Chain Transactions
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Summary
Echo Protocol confirmed a security incident on May 19, halting all cross-chain transactions on Monad. PeckShield reported that a hacker minted 1,000 eBTC ($76.7M), deposited 45 eBTC ($3.45M) into Curvance, and borrowed 11.29 WBTC ($867,700). The attacker bridged WBTC to Ethereum, converted it to ETH, and sent 384 ETH ($821,700) to Tornado Cash. On-chain analysis suggests the breach may have resulted from an exposed admin private key, according to Yu Xing of SlowMist. A protocol update is expected as the investigation continues.
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