Cronos Halts Blockchain Following $75M Exploit of Largest Lending Protocol

Cronos, a blockchain network, has halted its operations following a $75 million exploit targeting Tectonic, its largest decentralized lending protocol. The attacker manipulated the price of TONIC, Tectonic's native token, inflating it drastically to borrow valuable assets fraudulently.

This led to a significant drop in Tectonic's total value locked, plummeting from $121.7 million to around $3 million. Cronos has not yet announced when the blockchain will restart or the final loss amount, highlighting risks in DeFi protocols with low liquidity and price manipulation vulnerabilities.