Cronos Crashes After $75M TONIC Price Manipulation Exploit

Cronos, a blockchain network, halted its chain on August 30 after discovering an exploit in Tectonic, a lending protocol. The incident was linked to alleged price manipulation of TONIC, with estimates suggesting around $75 million at risk.

Tectonic's team advised users not to interact with the protocol as they investigated the issue. Cronos subsequently halted its network to prevent further damage, but later restored it by reverting to a state before the exploit occurred.

The rollback took place on August 31, and block production resumed at 23:49:01 UTC from block 90,896,189. The incident highlighted concerns around security and price manipulation in decentralized finance (DeFi) protocols.