Echo Protocol Exploit Leads to 1,000 eBTC Minting and Laundering

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 6 days ago

MON+3.9099998%

ECHO+2.83%

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Attack Details Unveiled: The attacker exploited the Echo Protocol on Monad to mint 1,000 eBTC and laundered the proceeds through Tornado Cash, marking the third major DeFi breach in five days and highlighting vulnerabilities in cross-chain infrastructure.
Funds Flow Analysis: The attacker deposited 45 eBTC into the Curvance lending protocol and borrowed 11.29 wrapped Bitcoin (BTC), subsequently bridging these funds to Ethereum (ETH) and swapping for ether, with 384 ETH later routed through Tornado Cash.
Market Response: Curvance paused trading in the affected market while Echo Protocol suspended all cross-chain transactions, indicating that its isolated market architecture prevented other pools from being impacted, demonstrating a commitment to security.
Loss Assessment: Monad CEO Keone Hon stated that approximately $816,000 was actually stolen, significantly lower than the $76.64 million implied by the 1,000 eBTC mint, reflecting limited on-chain liquidity available to the exploiter once the synthetic tokens hit the market.

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Technical Analysis for MON

Technical Sentiment Analysis for MON (MON). As of , MON (MON) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for MON stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, MON is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

MON (MON) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.018	0.0211	0.0238	0.0269	0.0297	0.0328	0.0355
Fibonacci	0.0211	0.0233	0.0247	0.0269	0.0292	0.0306	0.0328

About MON

Mon Protocol (https://www.monprotocol.ai/) aims to be a developer and leading publisher of blockchain-native IPs and games. Mon Protocol launched with the in-house developed Pixelmon Games: Pixelpals, Warriors of Nova Thera and Hunting Grounds; it has since built a large community of web3-savvy gamers and fans, now over 1 million members strong. MON Protocol has been endorsed as the Gaming Publisher of Choice of the top gaming chains Immutable, Solana and Aptos.Its publishing platform is chain agnostic and enables blockchain-native gaming projects to reach larger bases of gamers and fans. To date over 60 blockchain games and IPs have leveraged MON’s reach and publishing capabilities to some degree. MON is the ERC-20 fungible token that serves as the publisher token for MON Protocol and as the ecosystem token for all Pixelmon games.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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