Cronos Confirms $9.2M Lost During Tectonic Exploit

Cronos has confirmed that $9.2 million slipped away before validators intervened during the Tectonic exploit, which occurred on August 30.

The blockchain's post-mortem report revealed that manipulated collateral values generated about $120.4 million in borrowing activity, with 7.6% of affected funds transferred off-network.

The attack involved a 98-cycle loop where the attacker repeatedly borrowed and redeposited TONIC through purchases, driving its price nearly 300-fold higher.