Cronos Halted After $75M DeFi Price Manipulation Attack

Malicious actors have exploited two decentralized finance (DeFi) lenders, Tectonic and Moonwell's MAMO lending market on Base, resulting in over $84 million in losses.

The larger incident hit Tectonic on the Cronos blockchain, where security firm GoPlus estimated roughly $75 million was affected. The attack used a price-manipulation strategy previously targeted by US regulators.

Tectonic's treatment of TONIC, a relatively thinly traded token that can be deposited as collateral and used to support borrowing, appears to have been exploited.