Echo Protocol

What happened

An attacker minted about 1,000 unauthorised eBTC on Echo Protocol’s Monad deployment. The minted tokens had a stated face value of $76.7 million; security researchers’ preliminary estimate of stolen assets was about $816,000.

Public reports on 18 May described 45 minted eBTC, valued at about $3.45 million, being used as collateral on Curvance to borrow about 11.29 WBTC, then bridge and swap the proceeds. The collateral valuation and borrowed assets describe stages of the same flow. Monad co-founder Keone Hon relayed the roughly $816,000 preliminary theft estimate from security researchers. Echo’s operator update followed on 19 May. The tracker uses that attributed estimate pending a final loss account.