Cronos Halted After $75M Exploit Hits Lending Protocol Tectonic

Cronos' blockchain was halted after an exploit hit Tectonic, its largest lending protocol. Researcher Weilin Li estimated that around $75 million was affected in the attack.

The attacker manipulated Tectonic's TONIC token before using the inflated value to borrow assets from the protocol. This allowed them to access a significant amount of cryptocurrency.

Tectonic had approximately $121.7 million in total value locked and $82.7 million in active loans at the time of the incident, according to figures provided by Cronos Network.