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Crypto

Cronos Blockchain Halted After $75 Million Hack Attempt

Guavy AI Editorial Team
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The Cronos blockchain came to an abrupt halt on Sunday after an alleged hack attempt drained Tectonic, a lending protocol on the network. Crypto.com's CEO Kris Marszalek confirmed that its app and exchange were unaffected by the incident.

Tectonic held about $121.6 million, or 46% of all DeFi value on the chain, according to DefiLlama data. The attacker managed to drain around $75 million from Tectonic, with only about $6 million reaching Ethereum before the freeze was put in place.

The Cronos team investigated the exploit and halted block production, while Tectonic warned depositors to stay away. Crypto.com has promised a postmortem analysis of the incident.

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