Echo Protocol Suffers Major Supply Chain Breach, Halts Withdrawals

Cryptocurrency platform Echo Protocol has been hit by a sophisticated supply chain attack that compromised its wallet, leading to the loss of over $266 million in Bitcoin. According to BlockBeats, the breach resulted in the theft of 2,515.648579 uBTC, and the team is currently undertaking an investigation into the incident. The platform’s withdrawal services have been temporarily suspended due to this attack as a preventative measure while they work to stabilize their system. To strengthen security measures, the collateral rate has dropped to 20%, and a bounty program will be announced soon to incentivize individuals with knowledge of the stolen assets.