The Wire PM — May 19, 2026

The Wire PM — May 19, 2026

Echo Protocol hit by $76M eBTC minting exploit on Monad

A compromised admin key let an attacker mint roughly 1,000 unbacked eBTC on Echo Protocol's Monad deployment, worth $76.7 million on paper. The attacker deposited 45 eBTC into Curvance, borrowed 11.29 WBTC against it, bridged to Ethereum and routed 384 ETH (~$822K) through Tornado Cash. Echo paused its bridge, regained admin access and burned the remaining 955 eBTC. Actual losses: around $816K. Root cause was a single admin private key, not a contract bug. (Source: CoinDesk, Decrypt)

CLARITY Act clears committee, faces 130+ amendments before Senate floor

The Senate Banking Committee approved the CLARITY Act 15-9, with Sens. Gallego (D-AZ) and Alsobrooks (D-MD) crossing party lines. The bill would create the first comprehensive U.S. regulatory framework for crypto assets. Over 130 amendments are pending, 44 from Sen. Warren alone, targeting stablecoin yield rules, sanctions authorities, CBDC bans and ethics guardrails tied to political figures' crypto holdings. The stablecoin rewards provision, which caused Coinbase to briefly pull support, was renegotiated by Sens. Tillis and Alsobrooks. (Source: The Block, Fortune, CNBC)

Ostium goes live with equity perpetuals powered by Nasdaq data

Onchain perpetuals exchange Ostium became the first trading venue to offer equity perpetual products using Nasdaq's data feed. Traders worldwide can now get exposure to U.S. equities on transparent, self-custody rails. The broader equity perps market hit $31B monthly volume in January, up 162% from December 2025, driven by gold, indices and single stocks like NVDA and TSLA. (Source: The Block)

Solana OG whale keeps selling: $137M cashed out, $32M still staked

A wallet that staked 991,079 SOL in 2021 sold another 30,000 SOL ($2.56M) today, bringing total exits to 965,274 SOL worth $137.66M at an average price of $143. Still staked: 381,140 SOL ($32.4M). At the current pace of 30-50K SOL per transaction, the remaining position could take months to unwind. Ongoing supply pressure from early holders adds headwinds to a market already down 11.5% over seven days. (Source: Bitcoin.com)

Numbers (Updated)

• BTC: $76,902 (-1.9%)
• SOL: $84.23 (-2.5%)
• ETH: $2,116 (-3.4%)

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