Echo Protocol suffered the Monad exploit, in which an attacker minted 1,000 eBTC worth approximately $76.64 million.
Curvance has temporarily suspended the affected market while Echo Protocol has suspended all cross-chain transactions. This incident brought the total number of cryptocurrency hacks for the month of May to 14.
How was the Echo Protocol exploit detected?
On-chain parser dcfgod Firstly The incident has been reported. Peak Shield I drew a laundry path. The attacker minted 1,000 eBTC.
The exploiter deposited 45 eBTC worth $3.45 million into Curvance, borrowed 11.29 wrapped bitcoin (WBTC), plugged the asset into Ethereum, and exchanged it for Ethereum (ETH).
The wallet then sent 384 ETH To Tornado Cash. Curvance posted a status update on X about the situation.
“At approximately 6:00 PM EST, we became aware of an anomaly detected in the Echo eBTC market on Curvance. At this time, there is no indication of any settlement with Curvance smart contracts. Due to Curvance’s completely isolated market structure, no other markets are affected. Out of an abundance of caution, the affected market has been temporarily suspended while our team actively investigates the situation along with ecosystem partners,” mail He reads.
Echo Protocol also confirmed the incident on X and halted all cross-chain transactions while investigating. The team said that it will publish updates through its official channels.
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Additionally, Monad CEO Keone Hon clarified that the hack did not affect the Monad network.
“Security researchers have determined in their review that approximately $816,000 USD appears to have been stolen as a result of the @EchoProtocol’s eBTC exploit,” Hon. He said.
The Echo Protocol exploit is the third major DeFi hack in five days. THORChain confirmed a Breach the vault on May 15, which drained more than $10 million.
Three days later, security Researchers flagged the exploit Verus-Ethereum Bridge, where attackers drained approximately $11.58 million in digital assets. The string of breaches highlights ongoing security risks across the decentralized finance (DeFi) sector.
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this post Echo Protocol joins THORChain and Virus as the number of hacks in May reaches 14 appeared first on BeInCrypto.
