TechFlow News: On May 19, on-chain analyst PeckShield (@PeckShieldAlert) reported that Echo Protocol was hacked on Monad. The attacker minted 1,000 $eBTC out of thin air (valued at approximately $76.7 million), then deposited 45 $eBTC (approximately $3.45 million) into Curvance and used it as collateral to borrow approximately 11.29 $WBTC (approximately $867,700). The attacker subsequently bridged the $WBTC cross-chain to Ethereum, swapped it for $ETH, and sent 384 ETH (approximately $821,700) to Tornado Cash to launder the funds.
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