Crypto news

I started getting worried when I saw a post from DCF GOD, a well-known on-chain analyst. They were saying Echo might have been hacked on Monad. Apparently, someone created 1,000 eBTC from seemingly nowhere, then used it as collateral on Curvance to borrow a bunch of wrapped Bitcoin. They quickly bridged that borrowed Bitcoin and sent it through Tornado to hide it. I checked the Monad blockchain myself and saw a transaction showing that 1,000 eBTC transfer on May 18th at 9:21:32 PM UTC – it definitely looked suspicious.

BlackRock’s ETHA fund saw the biggest outflows, with investors pulling out almost $55.4 million. Fidelity’s FETH and Grayscale’s ETH product also experienced significant withdrawals. Despite this, trading in Ethereum ETFs remained high, reaching around $742.4 million, indicating investors were rebalancing their portfolios rather than completely selling off their Ethereum holdings.

At press time, Bitcoin traded at $76,819, down 0.1752% over the past day.

After a rather lackluster close at $77,450, Bitcoin decided to kick off the new week with a spot of bad form, tumbling to a new local low of $76,050. The blighter had been pottering about between $76,300 and $82,500 during its May rally, but alas, breaking through that crucial resistance proved as elusive as a decent cup of tea at a French café.

For those who had consigned INJ to the annals of crypto history, this resurgence is a prick to the conscience. Could it be that this token, once dismissed as a mere footnote, is plotting a grander narrative? The signs, my dear reader, are as subtle as a bear in a ballet class.

On Tuesday, cybersecurity firm PeckShield and on-chain data analysts Lookonchain revealed that a hacker created approximately $76.7 million in fake Bitcoin tokens connected to Echo’s eBTC.

A recent event has brought renewed attention to the vulnerabilities of cross-chain bridges, which continue to be a major security concern for the decentralized finance (DeFi) space in 2026. The issue was initially highlighted by crypto trader DCF GOD on X.

The ledger, in its present state, is occupied with the adoption of the new 3.1.3 software version, a matter which has stirred no small amount of discontent regarding the network’s consensus. One cannot help but wonder if such updates are but a trial of patience for the industrious validators.

Key Takeaways:

Curvance temporarily halted trading on the impacted market, and Echo Protocol stopped all transfers between different blockchains. This brings the total number of cryptocurrency hacks for May to 14.