Cronos Blockchain Halts After $75M Worth of Assets Affected by Tectonic Exploit

The Cronos blockchain halted its network on Sunday after an exploit targeted Tectonic, its largest lending protocol. An estimated $75 million in assets were affected by the attack.

Tectonic's assets plummeted from $121 million to just $3 million following the incident.

The attacker allegedly carried out a Mango Markets-style pump-and-borrow price manipulation attack on Tectonic's TONIC governance token, causing its price to surge 100-fold within 20 minutes. The token had a 20% collateral factor despite having thin liquidity.