Echo Protocol's eBTC Market Exploited on Monad, ~$816K Stolen on Monday

According to Onchain Lens, Echo Protocol's eBTC market on Monad was exploited on Monday, with approximately $816,000 confirmed stolen through a compromised admin key. The attacker minted 1,000 eBTC tokens and used 45 eBTC as collateral on Curvance to borrow around 11.29 WBTC, then bridged and converted the funds off-chain.

Echo Protocol announced at 2:30 a.m. ET on Tuesday that it regained control of the compromised keys and burned the remaining 955 eBTC held by the attacker. Monad Co-founder Keone Hon confirmed the network itself is unaffected, while Curvance said its isolated market architecture prevented contagion to other assets. The protocol paused cross-chain operations for the Monad deployment as a precaution.