#CardanoDebate The Echo Protocol is facing a complex supply chain attack and halts its withdrawals.🚨🚨🚨🚨🚨

According to BlockBeats, Echo Protocol, a platform for Bitcoin liquidity re-staking and yield layers, reported a sophisticated attack on its wallet containing 2,515.648579 uBTC, valued at over $266 million. The wallet has been maliciously compromised, prompting the team to initiate an urgent investigation and commit to publishing a detailed incident report soon.

In response to the attack, the collateral rate of the platform's treasury has dropped to 20%. To ensure the security of the system, all withdrawal operations have been suspended as of midnight Eastern Time.

The Echo Protocol is actively collaborating with auditing firms and security experts to address the situation. Additionally, the platform plans to announce a reward program to encourage individuals with information to assist in tracking down the stolen assets.