Cronos Halts Operations After $119.5M Lending Protocol Exploit

Cronos Network has paused operations after an exploit hit Tectonic, its lending protocol, draining approximately $119.5 million from lending pools.

The incident occurred when a hacker manipulated the price of TONIC token, allowing them to borrow and withdraw significant amounts of assets.

Tectonic's team is investigating the attack with assistance from Crypto.com's security team, urging users not to interact with the protocol until it is confirmed safe.