Cronos Confirms $9.19M Transferred During Tectonic Exploit

Cronos has confirmed that $9.19 million left its blockchain before validators intervened during the Tectonic exploit, which affected borrowing activity worth $120.4 million.

The incident occurred on August 30, when Cronos detected manipulated collateral values generating about $120.4 million in borrowing activity through a 98-cycle loop involving stablecoins, Bitcoin, Ether, and other assets.

Tectonic's price feed was used to drive TONIC's price nearly 300-fold higher, with the attacker depositing $5 million and repeatedly borrowing and redepositing TONIC.

Cronos said validators halted the network at 14:32:47 UTC on August 30, and block production resumed at 23:49:01 UTC after balances were restored.