Three major DeFi attacks in five days, with a total of 14 cryptocurrency hacking incidents in May

The Echo Protocol encountered a vulnerability attack on the Monad network, where the attacker minted 1,000 eBTC (worth approximately $76.64 million). According to PeckShield's tracking, the attacker deposited 45 eBTC (about $3.45 million) into Curvance, borrowed 11.29 WBTC, and then bridged it to Ethereum to exchange for ETH, of which 384 ETH were transferred to Tornado Cash. Curvance has suspended the affected market, stating that the smart contract was not compromised and other markets were unaffected.

The Echo Protocol has suspended all cross-chain transactions. Monad CEO Keone Hon clarified that the vulnerability did not affect the Monad network, and security researchers assessed that approximately $816,000 was actually stolen.

This incident raises the total number of crypto hacking events in May to 14, with three significant DeFi attacks occurring in just the past five days: THORChain suffered a treasury vulnerability loss of over $10 million on May 15, and the Verus Ethereum cross-chain bridge was attacked three days later, resulting in a loss of about $11.58 million. The series of security incidents highlights the systemic security risks that the DeFi sector continues to face.