According to on-chain analyst PeckShield (@PeckShieldAlert), Echo Protocol on Monad was hacked. The attacker minted 1,000 $eBTC (valued at approximately $76.7 million) out of thin air, then deposited 45 $eBTC (approximately $3.45 million) into Curvance as collateral to borrow around 11.29 $WBTC (approximately $867,700). The attacker subsequently bridged the $WBTC to Ethereum, exchanged it for $ETH, and transferred 384 ETH (approximately $821,700) to Tornado Cash for laundering.
PeckShield Reports $821,000 Stolen in EchoProtocol Hack on Monad
TechFlowShare
Summary
PeckShield reported a crypto hack on Echo Protocol on Monad, where attackers minted 1,000 $eBTC (worth approximately $76.7 million) and drained $821,000 via Curvance and WBTC into Tornado Cash. On-chain data reveals a major security breach in the DeFi space. The incident involved multiple transactions designed to obscure the stolen funds. Echo Protocol has not yet issued an official statement.
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