Over $266 Million in uBTC Assets Stolen from Echo Protocol, Possibly Due to Supply Chain Attack
According to an official report from Echo Protocol, its main wallet, which holds 2,515.648579 uBTC (currently valued at approximately $267 million), has experienced a security incident as a result of a sophisticated supply chain attack. The project team has initiated an investigation and will work with auditing and security teams to address the issue. A detailed post-incident analysis report will be released once all information has been gathered.
Currently, the platform's treasury collateralization rate stands at 20%. To ensure system security, the withdrawal function will be temporarily suspended starting midnight Eastern Time today. Echo Protocol stated that a bounty program will be announced soon to encourage the community to help trace the movement of funds.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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