Cronos Blockchain Halted After $75 Million Exploit Targets Tectonic Lending Protocol
TLDR
- An attacker manipulated the price of the TONIC token 100-fold in 20 minutes to exploit Tectonic, Cronos’s largest lending platform
- The attacker used inflated TONIC as collateral to borrow real assets, with losses estimated at around $75 million
- Cronos halted its entire blockchain to stop the attack, a move possible due to its small validator set of 100
- Tectonic’s total value locked dropped from $121.7 million to roughly $3 million
- Crypto.com’s CEO confirmed its app and exchange were unaffected and operating normally
Cronos, the blockchain launched by Crypto.com in 2021, halted its network on Sunday after an attacker exploited Tectonic, its biggest decentralized lending platform. The estimated loss is around $75 million.
⚠️ALERT: A hacker just drained an estimated $75 MILLION from a Cronos lending protocol, forcing the entire blockchain to HALT mid-attack.
The attacker reportedly pumped Tectonic’s thinly traded TONIC token 100x in just 20 minutes, then used the inflated collateral to borrow… pic.twitter.com/W40XgMmH9Q
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