Echo Protocol, a Bitcoin DeFi platform, reported a hack that allowed unauthorized minting of $76 million in eBTC on its Monad deployment. The exploit stemmed from a compromised admin key. Some funds were traced to Tornado Cash, with 955 eBTC still held by the attacker.
Echo Protocol confirmed that a compromised admin key enabled the unauthorized minting of eBTC tokens. The incident occurred on the platform's Monad deployment, resulting in approximately $76 million in unauthorized assets.
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Following an initial $128 billion crypto market plunge triggered by US and Israeli strikes on Iran, Bitcoin has rebounded toward $67,000 amid Iran's confirmation that the attacks killed Supreme Leader Ayatollah Ali Khamenei. Ethereum surged over 6% to near $2,000 as markets stabilized, despite oil supply fears and inflation concerns.
Thorchain confirmed a suspected multichain exploit on May 15 that drained about $10 million from users across several networks. The protocol activated emergency halts and has now launched a recovery portal for affected wallets.
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A $292 million exploit on Kelp DAO has shaken decentralized finance (DeFi) lending markets, prompting industry insiders to call for stronger security measures. Despite the setback, experts view it as a temporary hurdle rather than a barrier to institutional adoption. Wall Street firms continue advancing into onchain finance amid the fallout.
Kelp DAO has accused LayerZero personnel of approving the 1-of-1 verifier setup blamed for a $292 million exploit on its rsETH bridge. The protocol plans to migrate from LayerZero's OFT standard to Chainlink's CCIP. The hack has been linked to North Korea's Lazarus Group.
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Blockchain analytics firm Elliptic has published a report highlighting how several Russia-linked cryptocurrency exchanges continue to facilitate transactions for sanctioned entities. Platforms such as Bitpapa, ABCeX, Rapira, and Aifory Pro enable users to convert rubles into crypto and transfer funds across borders, bypassing traditional banking channels. The findings underscore the role of stablecoins in evading Western sanctions imposed since Russia's 2022 invasion of Ukraine.