Echo Protocol halts new deposits and borrowing as it winds down
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Echo Protocol's shutdown highlights the volatility and risks inherent in DeFi projects, emphasizing the need for robust risk management strategies.
The Bitcoin-focused DeFi protocol on Aptos gave borrowers until November 14 to repay loans and set a final November 19 cutoff for withdrawals
Mon 19 Oct 2026 · 13:41 EDT · 2 min read
In DeFi
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Echo Protocol, a Bitcoin-focused DeFi protocol on Aptos, is winding down after nearly two years and has halted new deposits, new borrowing and new staking, the team announced on October 19.
“We have made the difficult decision to wind down the protocol and conclude its operations,” Echo said in its notice. Interest accrual on lending positions has stopped, while repayments, collateral releases, withdrawals, strategy exits and unstaking claims remain open.
The protocol had about $10.71 million in tracked total value locked, according to The Defiant.
Two November deadlines for users
The shutdown covers Echo’s lending market, strategy products and liquid staking derivatives. Withdrawal and repayment processes began at 00:00 UTC on October 19.
Borrowers must repay outstanding loans by November 14, after which unpaid loans face collateral liquidation, with proceeds used to repay lenders, Tokenpost reported. A broader deadline for repayments, withdrawals and unstaking falls on November 19 at 23:59 UTC, after which remaining positions move into liquidation and settlement.
The notice’s two dates for repayments have created confusion, and borrowers face liquidation risk if they wait for the later cutoff. Claims on strategy and liquid staking assets may take longer depending on underlying unstaking timelines.
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The Aptos-to-B² bridge used for aBTC redemptions will remain available after the wind-down concludes, Echo said.
Shutdown follows May exploit
The closure comes five months after attackers gained access to an admin key on Echo’s Monad deployment and minted unauthorized eBTC. Echo paused cross-chain activity, updated affected contracts and burned 955 eBTC traced to the attacker, and said its Aptos systems showed no direct compromise.
Echo has not linked the shutdown to the exploit. The protocol joins a series of DeFi wind-downs this year, including HypurrFi in May and a proposal in September to wind down Balancer.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
