Decentralized finance protocol Echo Protocol was exploited after an attacker minted about 1,000 unauthorized eBTC on the protocol, which is deployed on the Monad blockchain.
Blockchain security firm PeckShield and analytics platform Lookonchain both reported the incident on Tuesday, noting that a hacker minted 1,000 synthetic Bitcoin (eBTC) worth around $76.7 million.
“We are currently investigating a security incident impacting the Echo bridge on Monad. All cross-chain transactions remain suspended while the investigation is underway,” Echo Protocol said on Tuesday.
This latest exploit comes in a month that has seen at least 12 protocols compromised, including THORChain, Verus Protocol’s Ethereum bridge, Transit Finance, TrustedVolumes and Ekubo.
According to PeckShield, the…
more
Source cointelegraph.com
Terms of use and third-party services. More here.