Echo Protocol's eBTC Exploited for $77M After Admin Key Compromise on Tuesday

According to PeckShield, Echo Protocol's eBTC was exploited after attackers minted approximately 1,000 unauthorized tokens worth around $76.7 million on Tuesday. The incident resulted from an admin private key compromise rather than a smart contract vulnerability, according to blockchain developer Marioo. Vulnerabilities included a single signature for the admin role, no timelock, no minting supply cap, and no rate limit.

The attacker deposited 45 eBTC worth $3.45 million into DeFi protocol Curvance as collateral, borrowed 11.3 wrapped Bitcoin ($868,000), and laundered roughly $822,000 through Tornado Cash. The attacker still holds 955 eBTC worth approximately $73 million, according to DeBank. Echo Protocol suspended cross-chain transactions pending investigation.