Bitcoin-focused DeFi protocol Echo Protocol was exploited on Monday in the latest security breach to hit the DeFi sector this month. The attack was first flagged by pseudonymous crypto influencer DCF GOD on X at around 5:55 p.m. ET.
The exact cause of the incident has not yet been identified.
Echo Protocol Exploit
Findings by Onchain Labs reveal that the attacker allegedly minted 1,000 eBTC worth about $76.7 million and then used what was described as a previously tested exploit route involving Curvance. The exploiter reportedly deposited 45 eBTC, roughly worth $3.45 million, into Curvance as collateral before borrowing around 11.29 WBTC worth about $867,700.
The borrowed WBTC was then bridged to Ethereum, swapped into ETH, and 385 ETH, which is valued at around $818,000, was later sent to Tornado Cash.
Keone Hon, co-founder of Monad, later clarified that the Monad network itself was not impacted and continues to operate normally. Additionally, Curvance also stated that its smart contr
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