Cronos Network Frozen After Tectonic Exploit Traps $69 Million in User Funds
Cronos Network, associated with Crypto.com, halted its entire chain on August 30 due to an exploit targeting DeFi lending protocol Tectonic. The halt has frozen all activity, prompting concerns about user funds and open positions.
As of the latest update, $69 million remains trapped onchain, while approximately $6 million has been bridged out. This comes after researcher Weilin Li's preliminary analysis revealed the attacker manipulated a vulnerability in Tectonic to drain its funds.
Crypto.com's app and exchange were reportedly unaffected by the exploit. The CRO token is currently trading at $0.056, down 2% from its previous value. Cronos Network has stated that it is still investigating the incident with support from security teams across the industry.