Lucy 34 Istanbul

Another hack has occurred in the crypto world. Echo Protocol was exploited for approximately $76 million USD after a hacker gained access to the admin key, minted their own tokens, and created 1,000 fake eBTC tokens, equivalent to about $76 million USD. The hacker then used a portion of these fake eBTC tokens as collateral on Curvance to borrow real WBTC, bridged it to Ethereum, swapped it to ETH, and transferred a portion to Tornado Cash to conceal the flow of funds. > Despite minting over $76 million worth of fake eBTC, the actual value withdrawn from the system is currently estimated at only $820,000 to $870,000 due to low liquidity and limited lending depth. Importantly, Echo Protocol was exploited, not Monad. Echo Protocol is a DeFi application built on Monad, a Layer 1 blockchain. This is part of the BTCFi project that allows Bitcoin liquidity to enter DeFi through eBTC, a BTC-backed token that can be used for lending, collateral, and cross-chain activity. Simply, the problem lies with the Echo protocol and administrator privileges. #Ecoprotocol$76.7MHack #TrendingTopic #MON