$75M TONIC Price Pump Exposes DeFi Lending Risks on Cronos

An attacker exploited DeFi lending risks to inflate TONIC's price by nearly 100 times in just 20 minutes, borrowing against it and causing a $75 million loss for Tectonic.

Cronos halted its blockchain to contain the incident, but most funds remained on-chain with only about $6 million withdrawn.

The attack exposed security concerns and protocol risks in the crypto ecosystem, highlighting the vulnerabilities of DeFi lending platforms.