Echo Protocol Faces Complex Supply Chain Attack, Halts Withdrawals

According to BlockBeats, Echo Protocol, a platform for Bitcoin liquidity re-staking and yield layers, reported a sophisticated supply chain attack on its wallet containing 2,515.648579 uBTC, valued at over $266 million. The wallet has been maliciously breached, prompting the team to initiate an urgent investigation and commit to releasing a detailed incident report soon. In response to the attack, the collateral rate of the platform's treasury has dropped to 20%. To ensure system security, all withdrawal operations have been suspended starting midnight Eastern Time. Echo Protocol is actively collaborating with auditing firms and security experts to address the situation. Additionally, the platform plans to announce a bounty program to encourage individuals with information to assist in tracking the stolen assets.