Crypto
Cronos Halted After $75 Million Stolen from Tectonic via Price Manipulation
A massive price manipulation attack on the TONIC token drained ~$75 million from Tectonic, the largest lending market on Cronos.
The attack occurred when an attacker inflated the price of TONIC by about 100 times in just 20 minutes, allowing them to collateralize and borrow other assets from the protocol.
Tectonic's own parameters allowed a depositor to borrow up to 20% of the value of deposited tokens, but the attack required the token to be worth around $0.00000103 per token, far below its actual trading price before the attack.
The total amount stolen was about $75 million, with only $6 million making it out to Ethereum before Cronos halted production of new blocks on their chain.