Crypto.com-promoted Tectonic forces Cronos to halt, rewind

The Crypto.com-supported Cronos blockchain had to halt and rewind its history this week to stop an ongoing theft due to the Tectonic protocol that Crypto.com had spent months promoting.

Tectonic warned users to pause using its protocol altogether. PeckShield first estimated the value of compromised funds at approximately $74 million.

Crypto.com supplied one of the largest retail onramps for Tectonic, this newly compromised protocol that nearly drained tens of millions of dollars from Cronos’ DeFi ecosystem. As fear about the hack has spread, Cronos’ CRO token has lost 6% of its value over the past 24 hours.

Kris Marszalek’s Crypto.com exchange proudly offered TONIC purchases through more than 20 fiat currencies. Crypto.com advertised TONIC-denominated Visa card spending at 80 million merchants.

It listed TONIC for trading on its main exchange, advertised staking returns of up to 100% per annum, and promoted staking rewards within its Crypto.com DeFi Wallet.

Read more: DeFi exploiter targets lending protocols with oracle tricks

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