Echo Protocol, a decentralized finance (DeFi) project built on the Monad blockchain, has suffered a security breach. The incident occurred when an attacker stole a private key associated with eBTC on the Monad network.
The unauthorized access allowed the attacker to mint and drain funds from the protocol. However, Echo Protocol was able to collaborate with ecosystem partners and network validators to revoke the attacker's access and regain control of the compromised key.
As a containment measure, the team burned 955 eBTC remaining in the attacker's wallet, effectively removing them from circulation.