Cronos Confirms $9.19M Lost During Tectonic Exploit

Cronos, a layer-1 blockchain, has confirmed that $9.19 million in funds slipped away before validators intervened to halt the network during the Tectonic exploit.

The post-mortem report revealed that manipulated collateral values generated about $120.4 million in borrowing activity on Cronos, with 7.6% of affected funds remaining outside of the network after the rollback.

This disclosure confirms earlier estimates and provides a more accurate accounting of the incident, which was previously estimated to have affected around $75 million.

The Tectonic exploit occurred when an attacker deposited $5 million, then repeatedly borrowed and redeposited TONIC through a 98-cycle loop, driving the price of TONIC nearly 300-fold higher as Tectonic's price feed followed.