DeFi protocol Curvance halts eBTC market amid exploit concerns

Decentralized finance (DeFi) protocol Curvance announced on May 19 that it has temporarily suspended operations in its eBTC market. The protocol stated it detected abnormal signs in its Echo eBTC market around 10:00 p.m. UTC on May 18. Curvance added that there is currently no evidence of a smart contract attack or compromise and that other markets remain unaffected. The Echo eBTC market facilitates the deposit and lending of eBTC, a liquid Bitcoin token issued by the Monad (MON)-based Echo Protocol. The suspension follows a warning from on-chain analyst Onchain Lens earlier today, who suggested that Echo Protocol had suffered an exploit. The analyst reported that 1,000 eBTC, worth approximately $76.7 million, were minted without authorization and that the funds were likely stolen through Curvance.