TLDR Tech / Crypto
Echo Protocol Hit by $77M Admin Key Exploit on Monad
On May 19, a compromised admin key on Echo Protocol's Monad deployment allowed an attacker to mint 1,000 unauthorized eBTC tokens valued at roughly $76.7 million, deposit 45 eBTC into Curvance as collateral, borrow 11.29 WBTC ($867,700), and launder approximately $816,000 through Tornado Cash after converting to ETH. The breach exposed a stack of missing controls: a single-signature admin role with no timelock, no mint rate limit, no supply cap on eBTC, and Curvance accepting freshly minted collateral without a supply sanity check. Echo burned the remaining 955 eBTC, paused cross-chain functionality, and upgraded contracts to restrict sensitive operations. The Monad network itself was unaffected, and Echo confirmed the eBTC contract "worked exactly as designed," making this an operational security failure rather than a protocol bug.
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