Cronos Loses $120M to Token Price Manipulation Exploit

Cronos blockchain suffered a massive exploit when an attacker manipulated the price of TONIC token to borrow funds from Tectonic lending markets, resulting in losses of $120.4 million.

The attack led to validators halting the network and rolling back nearly two hours of transactions, restoring $111.2 million to pre-attack balances.

However, $9.19 million, or 7.6% of the stolen funds, had already moved off the network and remains unrecovered.

Cronos resumed block production 11 hours after the attack and continues working with exchanges and platforms to reconcile affected systems.