💥 Disaster in Monad! Echo Protocol gets hacked, losing $77 MILLION in Bitcoin.
#BTC 👩💻⚠️
🔴 The Hit
The DeFi platform Echo Protocol (specializing in Bitcoin) suffered a massive exploit in its deployment on the Monad network. The haul: **$76 million** (almost $77M) in eBTC (their wrapped version of Bitcoin).
🗝️ The Cause: a leaked key
According to the team, the attack came through a compromised admin key. This allowed hackers to mint eBTC unauthorized and drain the funds.
Echo Protocol confirmed it on X (Twitter): "Today we identified unauthorized activity with eBTC on Monad... our team is investigating".
🌀 Washing in Progress
The stolen funds have already started moving to Tornado Cash, the cryptocurrency mixer (sanctioned in the US), in an attempt to cover their tracks.
⛔ Measures Taken
· Echo Protocol froze its contract on Monad to prevent further damage.
· They urge users not to interact with the affected deployment.
· They have yet to confirm whether there will be reimbursements or if the vulnerability affects other chains.
📊 Market Context (current data)
· BTC: $76,720 (+0.37%)
· ETH: $2,115 (+0.81%)
· SOL: $84.69 (+0.44%)
⚠️ Lesson for Everyone
This exploit is another reminder of the risks in DeFi, especially with bridges and wrapped versions of Bitcoin. Admin keys (centralized) are a single point of failure.
💬 Your Opinion
Do you think Echo Protocol will be able to recover the funds or is this another "undercover rugpull"? Would you continue using wrapped versions of BTC on new chains like Monad? Comment below. 👇
#Monad #BTC走势分析 Source: Decrypt (May 19, 2026)