Cronos Network Halted After $75M Exploit Rocks Tectonic DeFi Platform

The Cronos network was halted on August 30 after an exploit was identified in the Tectonic DeFi platform, leading to a $75M loss for users.

Tectonic warned users not to interact with the protocol as the attack used its 20% collateral factor and thin liquidity to pump the governance token 100-fold in just 20 minutes.

Crypto.com CEO Kris Marszalek confirmed that his exchange was unaffected by the exploit, easing contagion fears, but CRO's price still fell 4.89% on the day to $0.05636.