Cronos Halts After Tectonic Exploit; Attacker Estimated to Have Borrowed $75 MillionThe...

Cronos Halts After Tectonic Exploit; Attacker Estimated to Have Borrowed $75 MillionThe CryptoCom-linked Cronos network halted after an exploit hit lending protocol Tectonic. Onchain researcher Weilin Li estimated that the attacker pumped the price of the illiquid TONIC token roughly 100-fold, then used the inflated collateral to borrow about $75 million in other assets. Only around $6 million was bridged to Ethereum before Cronos halted, preventing most of the assets from leaving the network. Tectonic has not confirmed the amount involved or the root cause. CryptoCom said its app and exchange were not compromised.

Source: Wu Blockchain