Echo Protocol Hit by $76M eBTC Minting Exploit on Tuesday, Admin Key Compromised

According to PeckShield and Lookonchain, Echo Protocol suffered a major security breach on Tuesday when an attacker minted approximately 1,000 unauthorized eBTC tokens worth $76.7 million on the Monad blockchain. Security researchers determined the exploit stemmed from a compromised admin private key rather than a smart contract flaw. Echo Protocol suspended all cross-chain transactions while investigating the incident.

The attacker moved stolen assets through Curvance, a DeFi lending platform, and bridged funds to Ethereum before swapping approximately 384 ETH (around $822,000) through Tornado Cash. Data from DeBank shows the attacker still controls approximately 955 eBTC, roughly 95% of the stolen assets worth about $73 million, remaining untouched.