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>>Double-digit collapse for ECHO Token follows major exploit of the Echo Protocol

Double-digit collapse for ECHO Token follows major exploit of the Echo Protocol

crypthub

7 days ago

The Echo Protocol Exploit Details

The DeFi protocol Echo Protocol suffered a significant exploit, resulting in the theft of roughly $76.7 million worth of eBTC. The attack reportedly used a previously tested exploit route involving Curvance. Initially, the attacker deposited 45 eBTC into Curvance before borrowing WBTC. This borrowed WBTC was then bridged to Ethereum, yielding 385 ETH.

Impact and Incident Status

Following the breach, Echo Protocol suspended all cross-chain transactions while investigating the incident. Curvance confirmed its smart contracts showed no signs of compromise, though the affected market was paused. Furthermore, network co-founder Keone Hon clarified that the Monad network remains operational. The hacker still retains approximately $73 million worth of eBTC.

Market and Security Context

The exploit heavily impacted the market, causing the ECHO token to drop by over 12%. This incident contributes to a worrying trend, marking the 14th security breach recorded in May. The breach followed other major hacks, including attacks on THORChain and the Verus-Ethereum Bridge.