BlockBeats report, May 19: According to PeckShield monitoring, 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. They 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.
Echo Protocol on Monad Hacked; Hacker Mints 1,000 eBTC and Transfers Funds to Tornado Cash
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Summary
On-chain news reveals that the Echo Protocol on Monad was hacked on May 19. The attacker minted 1,000 eBTC (approximately $76.7 million) and deposited 45 eBTC ($3.45 million) into Curvance. Using this as collateral, the hacker borrowed 11.29 WBTC ($867,700), bridged it to Ethereum, converted it to ETH, and sent 384 ETH ($821,700) to Tornado Cash. The incident underscores the need for a protocol update to prevent similar attacks.
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