Cronos Halts Blockchain After $75M Tectonic Exploit
Researchers said the attacker used Tectonic’s thin liquidity and TONIC’s 20% collateral factor to borrow other assets after a 100-fold price surge.
- On Sunday, Cronos halted its blockchain after identifying an exploit in the decentralized lending protocol Tectonic that involved an estimated $75 million in assets.
- Researcher Weilin Li described the incident as a "Mango-market style" pump-and-borrow attack, where the attacker exploited TONIC's 20% collateral factor and thin liquidity to manipulate prices.
- Li estimated $66 million was initially affected; he later identified an additional $8 million in attacker-controlled addresses, bringing the total to roughly $75 million.
- Crypto.com CEO Kris Marszalek confirmed the company's app and exchange remained unaffected, while Tectonic warned users to avoid interacting with the protocol during investigation.
- Neither project has announced a restart timeline or compensation plans, as the industry faces separate security challenges including a reported 1,789 BTC loss in a Coldcard hack.
36 Articles
36 Articles
Cronos Halts Its Blockchain After $75 Million Exploit at Lending Protocol Tectonic
An attacker inflated Tectonic's own governance token roughly 100-fold and borrowed against it, and Cronos validators froze the entire network in response. The post Cronos Halts Its Blockchain After $75 Million Exploit at Lending Protocol Tectonic appeared first on Unchained.
Cronos Network Halts Blockchain After Tectonic Lending Protocol Exploit
Cronos halted its blockchain following an exploit on the Tectonic decentralized lending protocol estimated at $75 million, with the majority of funds remaining on the network. The post Cronos Network Halts Blockchain After Tectonic Lending Protocol Exploit appeared first on The Daily Hodl.
Cronos halts network after Tectonic exploit involving estimated $75M
Crypto.com CEO Kris Marszalek said the company’s app and exchange were unaffected by the Tectonic breach and continued operating normally. Cronos halted its blockchain after an exploit targeting decentralized lending protocol Tectonic involved an estimated $75 million, most of which remains on the Cronos network at the time of writing. On Sunday, Cronos said it identified an exploit in Tectonic and halted the network, promising updates. Tectoni…
Coverage Details
Bias Distribution
- 100% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
