$120M Tectonic Exploit Leaves $9.19 Million Unrecovered on Cronos

Cronos has revealed that $9.19 million remains unrecovered following a massive attack on Tectonic, a decentralized lending protocol on the blockchain.

The attack began when an attacker manipulated the price of TONIC, Tectonic's governance token, to inflate its value and use it as collateral to borrow $120.4 million across nine markets.

Cronos validators halted the network within an hour of detecting the malicious activity, preventing further transactions while they investigated.

A rollback was later implemented to restore the network to its pre-attack state, reversing approximately $111.2 million in affected value and discarding 10,961 blocks representing nearly two hours of transactions.