Echo Protocol on the Monad blockchain suffered a major security breach where an attacker minted about 1,000 unauthorized eBTC tokens worth roughly $76.7 million. The attacker moved some stolen assets through DeFi platforms like Curvance and Tornado Cash to launder funds, but most remain untouched. The breach was caused by a compromised admin private key, not a smart contract flaw, exposing operational weaknesses such as single-signature admin control and lack of minting limits. Echo Protocol suspended cross-chain transactions and is investigating, while Monad blockchain remains unaffected. This incident adds to a recent wave of large DeFi exploits, highlighting ongoing security challenges in decentralized finance.
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