Cronos Halts Blockchain After $75 Million Exploit on Tectonic Lending Protocol
An attacker manipulated Tectonic's thinly traded TONIC token to borrow liquid assets, prompting Cronos validators to pause the network and leaving most funds stranded.
AfroEuropa Newsroom
AfroEuropa desk
Cronos suspended its blockchain after an attacker exploited Tectonic, described as its largest lending protocol, in an incident estimated to have affected roughly $75 million in assets, according to reporting from BitKE and CoinDesk.
The attacker manipulated the price of Tectonic's thinly traded TONIC token by close to 100-fold in about 20 minutes, per BitKE. The inflated tokens were then used as collateral to borrow more liquid assets from the protocol.
Before the attack, Tectonic held about $121.7 million in total value locked, with roughly $82.7 million in active loans, BitKE reported. Its total value locked afterward fell to around $3 million.
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