Echo Protocol’s official uBTC wallet worth over $266 million was hacked, false news

PANews reported on June 14 that Echo Protocol, a Bitcoin liquidity re-staking and yield layer, previously posted on the X platform that its wallet holding 2515.648579 uBTC (currently valued at approximately $266,658,749.37 billion) had been maliciously hacked in a highly complex supply chain attack. The team has launched an emergency investigation and will release a review report on the incident as soon as possible. The current collateralization rate of the platform's vault has dropped to 20%. To ensure system security, all withdrawal operations will be suspended from midnight Eastern Time. Echo Protocol said it is working closely with audit agencies and security experts to handle the incident, and will announce a bounty plan later to encourage insiders to assist in tracking stolen assets.

It is reported that Echo officials have clarified that its X account has been stolen and the news that the official wallet has been hacked is false.