🚨 Another hack in the crypto world. Echo Protocol was exploited for approximately $76 million USD after hackers gained access to the admin key, self-authorized minting rights, and created 1,000 fake eBTC tokens equivalent to around $76 million. The attackers then used a portion of these fake eBTC tokens as collateral on Curvance to borrow real WBTC, bridged it to Ethereum, swapped it for ETH, and transferred part of it through Tornado Cash to obscure the funds. Although over $76 million in fake eBTC was minted, the actual value drained from the system is estimated at only $820K to $870K due to low liquidity and limited lending depth. Crucially, Echo Protocol was exploited—not the Monad chain hacked. Echo Protocol is a DeFi application built on Monad, a Layer 1 blockchain. It is a BTCFi project that enables Bitcoin liquidity to enter DeFi via eBTC, a wrapped BTC token collateralized by actual BTC, usable for lending, collateralization, and cross-chain activities. In simple terms, the issue lies with Echo’s protocol and its smart contract admin/control permissions—not with the Monad blockchain itself.