A Bitcoin DeFi platform, Echo Protocol, has been hit by an exploit on its deployment on the Monad blockchain.
According to recent reports, an attacker successfully minted approximately $76 million worth of unauthorized eBTC, which was then laundered through a coin mixer called Tornado Cash.
The incident highlights concerns about the security of cross-chain protocols, where a single compromised credential can unlock minting privileges across an entire deployment. Echo Protocol has confirmed that its investigation indicates the issue originated from a compromised admin key affecting the Monad deployment.
The attacker exploited this vulnerability to mint 1,000 eBTC and then laundered approximately $816,000 through Tornado Cash. The incident is seen as a 'Web2.5' style attack targeting centralized key management, databases, and operational infrastructure.