Cronos Blockchain Halted After $75 Million Exploit

The Cronos blockchain was halted after an attacker exploited Tectonic, a lending protocol on the network, in an incident estimated to involve approximately $75 million in assets.

The attacker allegedly manipulated TONIC's token price, pushing it up by 100x within 20 minutes, before using the inflated value as collateral to borrow other assets from Tectonic.

Cronos froze the network during the attack, preventing most of the funds from leaving the blockchain. Approximately $69 million reportedly remained trapped on-chain, while about $6 million was bridged to Ethereum.