Cronos blockchain halted after $75M exploit on Tectonic lending protocol via price manipulation attack on TONIC token.
Security & Exploits ·
The Cronos blockchain halted on Sunday following a $75 million exploit on Tectonic, its largest lending protocol, with no resumption timeline announced. An attacker executed a price manipulation attack on Tectonic's TONIC token, causing its price to surge 100-fold in 20 minutes and enabling a borrow attack; $6.29 million was bridged to Ethereum while $68.7 million remains stuck on Cronos. Tectonic's locked assets collapsed from approximately $121 million to roughly $3 million within two days of the incident.