Echo Protocol Joins THORChain, Verus as May Hack Count Reaches 14
Echo Protocol suffered an exploit on Monad, with an attacker minting 1,000 eBTC price roughly $76.64 million.
Curvance paused the affected market whereas Echo Protocol suspended all cross-chain transactions. The incident raised May’s operating tally of crypto hacks to 14.
How the Echo Protocol Exploit Unfolded
On-chain analyst dcfgod first flagged the incident. PeckShield mapped the laundering path. The attacker minted 1,000 eBTC.
The exploiter deposited 45 eBTC price $3.45 million into Curvance, borrowed 11.29 wrapped Bitcoin (WBTC), bridged the belongings to Ethereum, and swapped them for Ethereum (ETH).
The pockets then despatched 384 ETH to Tornado Cash. Curvance posted a standing replace on X concerning the state of affairs.
“At roughly 6:00 PM EST, we had been made conscious of an anomaly detected within the Echo eBTC market on Curvance. At this time, there is no such thing as a indication of any compromise with Curvance’s sensible contracts. Due to Curvance’s absolutely remoted market structure, no different markets are impacted. Out of an abundance of warning, the affected market has been paused whereas our crew actively investigates the state of affairs alongside ecosystem companions,” the post learn.
Echo Protocol additionally confirmed the incident on X and suspended all cross-chain transactions whereas it investigates. The crew stated it will publish updates by means of its official channels.
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In addition, Monad CEO Keone Hon clarified that the breach didn’t influence the Monad community.
“Security researchers of their assessment have decided that ~$816,000 seems to have been stolen as a results of this exploit of@EchoProtocol’s eBTC,” Hon said.
The Echo Protocol exploit is the third main DeFi hack in 5 days. THORChain confirmed a vault breach on May 15 that drained greater than $10 million.
Three days later, safety researchers flagged an exploit of the Verus-Ethereum Bridge, during which attackers drained roughly $11.58 million in digital belongings. The string of breaches highlights ongoing safety dangers throughout the decentralized finance (DeFi) sector.
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The publish Echo Protocol Joins THORChain, Verus as May Hack Count Reaches 14 appeared first on BeInCrypto.
