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Cronos halts after Tectonic US$75M exploit
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Cronos halts after Tectonic US$75M exploit

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  • Cronos halted its blockchain after an exploit hit Tectonic, its largest lending protocol.
  • Onchain researcher Weilin Li estimated about US$75 million was affected, while only US$6 million reached Ethereum.
  • The attacker reportedly manipulated Tectonic’s TONIC token before using the inflated value to borrow assets.

Cronos (CRYPTO:CRO) halted its blockchain after an exploit hit Tectonic, with losses estimated at about US$75 million.

Tectonic had about US$121.7 million in total value locked and US$82.7 million in active loans before the incident.

“We identified an exploit in Tectonic,” Cronos Network said, adding that “the Cronos Network has been halted”.

Researcher Weilin Li said the attacker pushed Tectonic (CRYPTO:TONIC) up 100 times within 20 minutes before borrowing against it.

Li initially estimated US$66 million was affected before identifying another wallet containing US$8 million, while only US$6 million reached Ethereum (CRYPTO:ETH).

Crypto.com said its app and exchange were not compromised, while its security team is assisting with the investigation.

Tectonic has not confirmed the amount affected or the cause, while Cronos has not announced when the network will restart.

At the time of reporting, Cronos price was $0.05686.

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