BTCFi protocol Echo exploited, targeting eBTC market on Monad: onchain analysts
The Block
The Echo DeFi protocol suffered an exploit targeting its eBTC market on Monad, resulting in approximately $816,000 in stolen assets.Summary
The Bitcoin-focused DeFi protocol Echo was exploited on Monday, specifically targeting its eBTC liquidity token on the Monad network. The attacker minted unauthorized eBTC and used it as collateral on the lending protocol Curvance to borrow WBTC, which was subsequently bridged to Ethereum and laundered through Tornado Cash. Monad and Curvance have confirmed the incident, noting that Monad's network remains secure and Curvance has paused the affected market to prevent further losses.
(Source：The Block)