Echo Protocol Halts Withdrawals After $266M Security Breach

The Echo Protocol has been shaken by a significant security breach that resulted in a loss of over $266 million. This incident has left users unable to withdraw their funds, as the protocol’s actions have halted withdrawals and initiated an investigation with security experts. The breach impacted the Echo Protocol’s treasury collateralization ratio, currently standing at just 20%. The team is collaborating with leading security firms to recover assets from the compromised wallet that contained over 2,500 uBTC. This attack highlights the vulnerability of DeFi platforms and their susceptibility to supply chain attacks.