News linked to both this project and an event.
Odaily News - Echo Base, an institution focused on stable digital asset companies, assisted in forming the BitMart Creditors' Committee on September 2 to represent users holding frozen assets, and has retained legal counsel to evaluate recovery options, including filing for unfunded bankruptcy proceedings.On August 6, Echo Base proposed a funding package of up to $10 million to support BitMart in filing a pre-negotiated bankruptcy application, but received no response from BitMart. Echo Base stated that its actions stem from BitMart's failure to respond to the restructuring proposal and users' withdrawal requests.Sonn Law Group has launched an investigation into users with frozen assets of $500,000 or more on BitMart, assessing potential claims and asset recovery options. Echo Base CEO Roshan Dharia stated that BitMart's employee plan can only sustain operations until January 2027, and the longer the delay, the fewer viable options remain. (Bitcoin.com News)
Odaily News: Sheldon Lee, founder of cryptocurrency exchange BitMart, stated that a post on X claiming users were unable to withdraw funds and that some employees had not received their July salaries is a "fabricated rumor," adding that the exchange's Chinese-language account had been hacked. Critics, including users and on-chain investigator ZachXBT, have demanded that BitMart resume withdrawals or undergo an independent third-party audit. BitMart is gradually winding down operations, with the final trading day set for August 26. Troubled investment firm Echo Base said it had proposed a funded restructuring plan to BitMart but received no response. The firm warned that resolving a large volume of customer claims may require proceedings through the courts. (CoinDesk)
According to on-chain analyst PeckShield (@PeckShieldAlert), Echo Protocol was hacked on Monad. The attacker minted 1,000 $eBTC out of thin air (valued at approximately $76.7 million), then deposited 45 $eBTC (approximately $3.45 million) into Curvance and used it as collateral to borrow roughly 11.29 $WBTC (approximately $867,700). The attacker subsequently bridged the $WBTC cross-chain to Ethereum, swapped it for $ETH, and laundered 384 ETH (approximately $821,700) via Tornado Cash.
According to Onchain Lens monitoring, Echo Protocol on Monad has been attacked. The attacker minted 1000 eBTC, worth $76.7 million, and withdrew the funds through Curvance via a previously tested attack path.As of now, the attacker has deposited 45 eBTC as collateral into Curvance and borrowed approximately 11.29 WBTC, worth $867,700; the attacker then cross-chained this portion of WBTC to Ethereum, swapped it for ETH, and transferred 385 ETH (worth approximately $818,000) to Tornado Cash. The attacker currently appears to still control a large amount of the minted eBTC.