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Crypto

Bitcoin DeFi protocol Echo hacked after admin key stolen

Bitcoin-focused DeFi protocol Echo was hacked on May 18, after an attacker stole a service administrator key used on the Monad chain. Onchain Lens said the attacker minted 1,000 eBTC tokens, pledged 45 eBTC on DeFi lending protocol Convergence and borrowed about 11.29 WBTC, then bridged it to Ethereum, swapped to ether and moved 385 ETH to Tornado Cash. Echo said it recovered the key and burned 955 eBTC.

Crypto

How Ethereum layer2 can differentiate from layer1? Starknet\'s privacy push in focus

Competition among Ethereum layer2 networks has entered a new phase as Vitalik Buterin puts more weight on strengthening layer1. That leaves layer2 chains needing to differentiate in areas Ethereum cannot or does not pursue. A key word Buterin highlighted is privacy. Crypto media Bankless pointed to Starknet, a layer2 developed by StarkWare, and its STRK20 standard that makes ERC-20 tokens private by default through a “privacy pool.”